31 Jan 2009

Caterpillar cuts more jobs

11:37 am on 31 January 2009

Caterpillar Inc has announced more job cuts.

The maker of construction and mining equipment said on Friday

another 2110 jobs would go.

On Monday, the company announced 20,000 jobs would go to reduce costs because of falling orders.

It was the biggest wave of job cuts at Caterpillar since the early 1980s, when the company was losing about $US1 million a day.

The company reported a profit of $661 million for the fourth quarter on Monday, compared with $US975 million a year ago.

However, it raised the possibility that it would report a loss in the current quarter - its first since 1992.