Caterpillar lays off 460 more workers due to mining sector softness
Caterpillar Inc. (NYSE:CAT) laid off 460 workers at is Decatur, Illinois factory today citing weakness in the mining sector.
The 460 workers at Decatur are about 11% of the total workforce at the plant.
"While some cost-reduction measures such as temporary layoffs, shutdowns and shortened work weeks have already been implemented, more permanent measures must be taken in the near term," said the company in a news release.
It will take 60 days to roll out the job cuts.
The Decatur plant is a manufacturing facility that runs a foundry, overhaul and re-manufacturing.
A week ago the company let go of 250 to 300 workers at its south Milwaukee plant, its heavy equipment production line it acquired from Bucyrus.
In the last 12 months, the company's stock has slid 20%.
The company's stock was largely unmoved by the news and is trading at $84.60. The 52-week high is $78.25 to $109.77.