Hitting the Peoria area like a hurricane, Caterpillar has announced plans to cut as many as 10,000 workers globally.
While Caterpillar’s global headquarters reside in Peoria and will impact the area significantly, this is only a portion of the worldwide Cat community that will face the job loss devastation.
Caterpillar’s aggressive job cuts and reducing costs come as a result of a decline in revenue and demand and economy changes in China. However, Caterpillar is not the only company affected.
These job cuts look to cut $1.5 million in annual costs.
Most of the initial reductions will be among salaried workers and management rather than hourly workers, the bulk of them in the United States. Other changes in the company will include manufacturing closings and/or consolidations worldwide. Although, just released recently, Caterpillar’s East Peoria facilities announced they will be laying off 250 production employees beginning October 12. Caterpillar plans to provide resources to employees affected.
Caterpillar has many ties with Bradley University, one of them being the building we report from, the Caterpillar Global Communications Center.
We will report any further information released in the upcoming weeks.