PEORIA, Ill., Dec 18, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Caterpillar Inc.
(NYSE: CAT) today notified 814 production employees at its Mossville, Illinois
engine assembly facility that the company would indefinitely lay off those
employees. In recent months, production volumes at the Mossville engine
facility have decreased significantly. This is primarily related to a
decrease in orders for on-highway truck engines made in Mossville, lower
demand for engines used in Caterpillar machines and decreased demand for
commercial engine applications.
"These decisions are never easy, and we understand these layoffs will
create challenges for many of our employees and their families," said Gary
Stroup, Caterpillar vice president with responsibility for Large Power Systems
Division.
Employees impacted by this decision were notified today by Caterpillar and
were told that the layoffs would begin on February 23, 2009. In addition,
various government agencies and other officials were notified of this decision
under the United States Department of Labor's Worker Adjustment and Retraining
Notification Act (WARN) and the Illinois Worker Adjustment and Retraining
Notification Act ("IL WARN").
About Caterpillar:
For more than 80 years, Caterpillar Inc. has been making progress possible
and driving positive and sustainable change on every continent. With 2007
sales and revenues of $44.958 billion, Caterpillar is the world's leading
manufacturer of construction and mining equipment, diesel and natural gas
engines and industrial gas turbines. The company also is a leading services
provider through Caterpillar Financial Services, Caterpillar Remanufacturing
Services, Caterpillar Logistics Services and Progress Rail Services. More
information is available at http://www.cat.com.
SAFE HARBOR
Certain statements in this release relate to future events and
expectations and as such constitute forward-looking statements involving known
and unknown factors that may cause actual results of Caterpillar Inc. to be
different from those expressed or implied in the forward-looking statements.
In this context, words such as "will," "would," "expect," "anticipate,"
"should" or other similar words and phrases often identify forward-looking
statements made on behalf of Caterpillar. It is important to note that actual
results of the company may differ materially from those described or implied
in such forward-looking statements based on a number of factors and
uncertainties, including, but not limited to, (i) adverse change in general
economic conditions; (ii) adverse change in the industries Caterpillar serves
including construction, infrastructure, mining, energy, marine and electric
power generation; (iii) Caterpillar's ability to manage material, including
steel, and freight costs; (iv) Caterpillar's ability to generate cash from
operations, secure external funding for its operations and manage its
liquidity needs; (v) material adverse change in customers' access to liquidity
and capital; (vi) currency exchange or interest rates changes; (vii) political
stability; (viii) market acceptance of the company's products and services;
(ix) significant changes in the competitive environment; (x) epidemic
diseases; (xi) severe change in weather conditions negatively impacting
operations; (xii) changes in law, regulations and tax rates; and (xiii) other
general economic, business and financing conditions and factors described in
more detail in the company's Form 10-Q filed with the Securities and Exchange
Commission on October 31, 2008. This filing is available on our website at
http://www.cat.com/sec_filings. We do not undertake to update our
forward-looking statements.
SOURCE
Caterpillar Inc.