Caterpillar Job Cuts Hit Illinois Hard

As its profits fell last fall, heavy equipment manufacturer Caterpillar spoke of continued weakness in its market and announced it would eliminate 10,000 jobs. Since then, the company has cut about 5,000 workers, and the area around its headquarters in Peoria, Ill., has been hit the hardest, Crain's Chicago Business reported today. 

Caterpillar has eliminated about 2,300 workers in Illinois since September 24, spokeswoman Rachel Potts told Crain's. 

All told, Caterpillar has said the job cuts will save the company $1.5 billion.

The manufacturer of mining trucks, construction equipment and other heavy machinery reported a fourth-quarter loss today and trimmed its sales outlook for 2016, warning that commodity prices would probably stay low.

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