CHICAGO – Several US manufacturers added their names to the growing list of companies making job or benefit cuts to weather the global financial crisis.
Caterpillar Inc., the world’s largest maker of heavy construction and mining equipment, said Monday it is cutting white-collar pay by up to 50 percent and offering buyouts to as many as 25,000 US employees as it looks to cut costs during what it characterized as “uncertain times.”
Textron Inc., the world’s largest maker of corporate jets, said it will eliminate 2,200 jobs worldwide to cope with a global downturn that has forced its customers to pare all but essential spending.
The Providence, Rhode Island based company, which employs about 44,000 workers worldwide, said “further headcount reductions” and other cost-cutting actions were likely.
Other companies announcing plans to cut jobs and bring production in line with fast-falling demand just days before the Christmas holiday included Steelcase Inc., a maker of furniture equipment, Kemet Corp., a maker of passive electronic components, and diversified manufacturer Roper Industries Inc.