Caterpillar says it could cut 10,000 jobs to reduce costs
Caterpillar is planning another round of job cuts that could exceed 10,000 people through 2018, as the construction and mining equipment maker adjusts to downturns in key markets.
Caterpillar makes diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives, aside from construction and mining equipment.
Low oil prices have hurt the company's Energy & Transportation business, which makes products used in oil and gas production.
Mining equipment sales have stayed well below a level considered normal for customers replacing or upgrading their equipment.
Caterpillar executives said Thursday in a statement that industries like mining, oil and gas and construction are the right businesses to be in for the long term, even with a history that includes prolonged downturns.
The company didn't update its 2015 profit forecast, but it noted that the lower sales outlook and higher restructuring costs will hurt its bottom line.