It's been a tough day for corporate America: Home Depot, Sprint and Pfizer have all announced job cuts. And so has Caterpillar, the Peoria, Ill.-based manufacturer of engines, and construction and heavy landfill equipment.
According to The Business Journal of Milwaukee, the company reported today that its profit declined 32 percent last year and also announced that it will cut 20,000 jobs. "These actions support lowering our production costs in line with a 25-percent decline in sales volume and reducing Selling, General and Administrative (SG&A) and Research and Development (R&D) costs supporting our Machinery and Engine business by about 15 percent," Caterpillar said in a release.
Happy Monday, everyone.