Caterpillar may cut up to 10,000 jobs through 2018 

Caterpillar Inc said it could cut up to 10,000 jobs through 2018 as part of a restructuring plan to save up to US$1.5 billion annually. 

PHOTO: REUTERS

SEP 24, 201510:08 PM

[NEW YORK] Caterpillar Inc said it could cut up to 10,000 jobs through 2018 as part of a restructuring plan to save up to US$1.5 billion annually.

The company's shares fell as much as more than 6 percent to $65.77 in early trading on Thursday.

Caterpillar said it would cut 4,000-5,000 jobs by the end of 2016, with most of them in 2015.

The company had 114,233 employees as of Dec 31, according to Thomson Reuters data.

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Caterpillar also said it expected 2015 revenue to be about US$48 billion, US$1 billion lower than its previous forecast.

Revenue is expected to fall about 5 per cent in 2016, the company said.

Caterpillar is facing "challenging marketplace conditions in key regions and industry sectors - namely in mining and energy," Chief Executive Doug Oberhelman said in a statement.

The company said the restructuring could impact more than 20 facilities around the world and across its three large businesses - construction, resources, and energy and transportation.

REUTERS