Caterpillar announces 4Q layoffs

| 10/16/2002

Caterpillar Inc. said it will temporarily shut several plants and lay off about 3,000 people during the fourth quarter due to lower demand for heavy-duty truck engines.

An engine center in Mossville, IL, a foundry in Mapleton, IL, and fuel systems facilities in Pontiac, IL, Jefferson, GA, and Thomasville, GA, will be affected.

The company said up to 3,270 management, salaried and manufacturing employees will be affected. This does include 470 full-time hourly employees whose layoffs were previously announced on Sept. 6.

Last week, three company executives announced their retirements, and Caterpillar said it would eliminate its diversified products division, which handles a variety of heavy equipment from mining trucks to road pavers, AP reported.