Caterpillar Restructuring to Close 5 U.S. Plants

Caterpillar says it plans to close five plants in the U.S. as part of a cost-cutting strategy it began last year. The closures at the mining and construction equipment company will mean layoffs for about 670 employees. In September 2015, Caterpillar said global restructuring actions would cut as many as 18,000 jobs through 2018.

“Cost management, restructuring actions and operational execution are helping the company while sales and revenues remain under pressure from weak commodity prices and slowing economic growth in developing countries. We took tough but necessary restructuring actions in 2015 – and they were significant,” said Chief Executive Doug Oberhelman. “We are benefiting now and expect to even more in the future when markets rebound.”