Caterpillar to close Kilgore mining equipment plant


Caterpillar (CAT) says it will close its Kilgore, Tex., assembly plant in response to falling demand for mining machinery.

Lower prices for mined commodities such as iron ore and coal have triggered widespread spending cuts on new equipment; CAT reported Q3 sales of its mining equipment fell 42% Y/Y, and income from mining machinery plunged 63%.

CAT already has closed or announced plans to shut small plants in Canada, Minnesota, South Carolina and Virginia.

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Comments (3)
  • microquest
    , contributor
    Comments (18) | Send Message
     
    Here is a KEPT QUIET Caterpillar news item. I live very near this CAT plant. It is an official State of Illinois Department of Commerce website where businesses notify the State that they plan to either layoff, close down, or do a RIF.

     

    http://bit.ly/19QWnAU

     

    It is known in IL as a WARN notice....
    Go to it, select September 2013, download it, and go to about the 5th company and you will surprisingly see CATERPILLAR, Montgomery, IL. 'Closing 'Permanent'; why? 'RELOCATION'. There has been a lot of extra inventory sitting on the south side of the plant for some time, now. No date of final layoffs given....you figure....
    29 Oct 2013, 09:53 PM Reply Like
  • dcclark
    , contributor
    Comments (7) | Send Message
     
    Obama has declaired war on coal and Cat is a large casualty. There will be a lot more why waste natural gas on power generation when we have coal.
    30 Oct 2013, 09:03 AM Reply Like
  • dcclark
    , contributor
    Comments (7) | Send Message
     
    Cat is a casualty of Obama's war on coal. There will be more in the industry an loss of good jobs. Why waste natural gas on power generation use it for truck fuel where the benfit is better.
    30 Oct 2013, 09:17 AM Reply Like
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