- Caterpillar (NYSE:CAT) says it will close five U.S. plants and cut ~820 jobs as it continues to scale back its production and workforce in response to falling demand.
- The five plants in North Carolina, South Carolina, Florida and Mississippi mostly produce components for CAT machinery and engines.
- The cutbacks are part of CAT's strategy outlined in September to reduce its workforce by ~10K positions and close or consolidate ~20 facilities through 2018; CAT says it has cut ~5,300 positions so far.
- Now read Caterpillar: It's time to sell this stock