Caterpillar laying off 460 workers, cites weakness in mining
CHICAGO (Reuters) - Caterpillar Inc said on Friday it was laying off 460 workers at a U.S. plant that makes mining equipment.
The layoffs will affect about 11 percent of the workforce at the Decatur, Illinois, factory and reflect softening demand from the global mining industry, which is cutting back on capital investment because of a retreat in commodity prices.
Caterpillar, which had already implemented temporary layoffs and line shutdowns as well as a shortened work week in Decatur, said the permanent layoffs were needed to "bring production in line with demand."
It said the job cuts would take effect in 60 days.
Caterpillar is the world's largest maker of mining equipment. The Peoria, Illinois-based company also makes construction equipment, gas turbines and diesel engines, and railroad locomotives.