In a quarterly report, Caterpillar, Inc. says additional layoffs will be expected in the second half of 2016. Caterpillar officials say the layoffs are the primary reason for increasing restructuring costs. The restructuring costs were originally expected to be about $550 million, but more recent estimates bring that number up to about $700 million. Additionally, officials say world economic growth is “subdued,” and cite issues in Turkey and the withdrawal of Great Britain from the European Union are adding to current economic risks. Expected sales and revenues for 2016 expected to be between $40 billion and $40.5 billion. CAT officials say the layoffs will affect facilities worldwide.
Additional Layoffs Coming to Caterpillar
Mattoon, IL, USA / MyRadioLink.com
Jul 26, 2016 | 1:55 PM