SOURCE: Industrial Info Resources

February 16, 2009 06:00 ET

Caterpillar Moving Forward With $240 Million in New Plant Construction in the South, an Industrial Info News Alert

SUGAR LAND, TX--(Marketwire - February 16, 2009) - Researched by Industrial Info Resources (Sugar Land, Texas) -- In these tough economic times, Caterpillar Incorporated (NYSE:CAT) (Peoria, Illinois) has been forced to make operational changes at a rapid pace to keep up with the changes in the market. To this end, more than 22,000 job cuts have been made by the construction- and mining-machinery giant in the past month. On Wednesday, the company announced that an additional 2,000 employees would be offered a voluntary early retirement package based on the individual's age and length of service. While Caterpillar hopes to rehire some of these former workers once the stimulus package is passed, the company is prepared to weather the storm regardless. However, there is some light on the horizon as the company is moving forward with more than $240 million in new plant construction in the southern U.S.

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