Caterpillar Inc has announced 2,110 new job cuts as the heavy equipment maker scales back production to match falling demand. The cuts at three Illinois plants come after the company announced other work force and cost-cutting actions earlier this week.
On Monday, Caterpillar reported a 32 percent drop in fourth-quarter profit as the global economic slowdown sapped demand for heavy equipment. At that time, the company said it would be forced to lower its 2009 profit expectations and make further job cuts that will ultimately wipe out 20,000 positions.