Caterpillar to close Kilgore mining equipment plant

|About: Caterpillar Inc. (CAT)|By:, SA News Editor

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.