Industry bellwether Caterpillar's global mining equipment sales drop 42% as Asia-Pacific and Latin America orders fall off a cliff.
Caterpillar Mining News
The layoffs are on top of the 1,900 positions Finning decided to axe last year.
Formerly vice president with responsibility for the Material Handling & Underground Division.
England-based supplier Miller UK won a case filed five years ago, in which accused CAT of misusing classified information to produce its own coupler, rather than buying it from them.
The biggest drops were in the construction sector in Latin America (-41%) and in the resources industry in Asia (-37%).
Construction and mining equipment account for almost 90% of Komatsu’s revenue.
The world's largest equipment maker not only reported lower quarterly profits, but also cut its 2015 earnings forecast and warned its revenue would fall even further next year.
A survey of over 100 mining equipment buyers and decision-makers shows that 40% of them are still focused on cost cuts.
Curfman joined Caterpillar in 1994.
It also revised its guidance for 2015 down, saying sales and revenues for the year are now expected to be about $48 billion—$1 billion lower than the previous outlook.
Strong greenback is another drag.
More cuts at the East Peoria, Illinois campus.
Asia up 40% but Latin America down 47%.
It has a “smart” pump, boom works faster, and burns less fuel.
The machinery giant doesn’t think it will remain strong for the rest of 2015.
The company experienced a annual drop in the resource industries segment sales in every geographic region except Asia/Pacific.
Caterpillar has upgraded the MD6640 Rotary Drill with the new Cat® 390 excavator undercarriage, which helps minimize downtime, reduces operating costs and increases machine productivity.
The equipment maker brings the Lanter Festival to a remote Chinese village.
Take a peek at the six-block campus Caterpillar plans to build.
A six-block campus.
CAT keeps slashing costs as it tries to offset issues out of its control, such as the falling price for everything from iron ore to oil.
The analysts argued that as much as 15% of the machinery maker’s revenues are dependent on the oil and gas industry
Depressed oil prices may end up helping, CEO Doug Oberhelman added.
Well, they built it, so they were entitled to do whatever they wanted with the new Guinness World Record holder for the highest sand-made fort.