(MENAFN) Caterpillar Inc., which is already beaten by a slump in demand, said it faces slowing sales of compressors, pumps and gas turbines as oil companies reduced spending, Arab News reported.
The sever impact will be felt by early 2015 as drillers cut back and exploration declines, with expectation of a flat to slightly up sales in the upcoming year, the US company's Chairman and CEO said.
The company has been witnessing revenue falls since 2012 by about USD10 billion as lower metals and coal prices meant miners bought fewer trucks, while construction-equipment sales have also been slow.
"In the shorter term, Caterpillar's customers are going to feel the effects of current oil prices, after years at levels of USD100 or more" There is no question about it," the CEO said.
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