Caterpillar Lays Off Workers At Its Texas Plant

By John Heerdink LinkedIn

Dow 30 Component Caterpillar, Inc. (CAT) is the world’s chief manufacturer of diesel and natural gas engines, construction and mining equipment, industrial gas turbines, and diesel-electric locomotives. Caterpillar, Inc. also works to make sustainable progress possible and contributes to driving positive change on every continent.

Caterpillar has dismissed 120 temporary workers at a plant in Texas in line with their need to cut production due to declining sales amid the troubling U.S trade war with China. The lay-off took place last week at the hydraulic excavator facility in Victoria with 820 employees, as per reports.

Caterpillar’s spokeswoman, Kate Kenny referred the decision to “market conditions.” but did not comment on the workforce reductions at other facilities.
Last month, the company announced to cut production after sales declined across all product segments for maximum regions in the latest quarter. Sales in Asia-Pacific declined by 13% and the company faced low demand in China.

Workforce Solutions, a state-funded local workforce development agency run by Henry Guajardo informed all affected employees were all production workers and have come to his office seeking help to secure a livelihood.

To learn more about Caterpillar, Inc. (CAT) and to continue to track its progress please visit the Vista Partners Caterpillar, Inc. Coverage Page.

Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.

Stay Informed! Stay Competitive! Join us at Vista Partners! It’s FREE to receive email updates.

Oct4(16)

Post View Count : 465
(Read Original Story: Caterpillar lays off 120 workers as trade war hits sales in Reuters)


YOUR GUIDE TO STAYING INFORMED IN THE MARKETS

Subscribe for FREE Email Updates & Access To EXCLUSIVE Research!

Connect with us