Caterpillar to shut West Virginia plant
Caterpillar Inc. (CAT) is set to close a factory in West Virginia as the company struggles with softening demand for its machines.
The closure is one of many over the past twelve months, including two plants in Ontario and one in South Carolina.
Company spokeswoman Barbara Cox says CAT is looking to “improve its cost structure” as the mining industry downturn continues to take its toll.
Overall 2013 capital spending among major mining companies is expected to drop 16% from a year earlier, according to Bloomberg analyst Karen Ubelhart.
Earlier this year the firm recorded a second successive quarterly loss, with a 43.5% drop in earnings.