(MENAFN) Caterpillar Inc., the American world's leading manufacturer of construction and mining equipment, industrial gas turbines and diesel-electric locomotives, has revised its 2015's income forecast by USD1 billion.
Moreover, the company announced that there's a strong possibility for it to lay off up to 10,000 employees through the next three years, all driven by the slump in energy and mining industries, let alone China's own industrial slowdown.
In more detail, revenue is highly projected to drop for the third straight year in 2015, to USD48 billion, plus plunging more 5 percent in 2016, adding the expectancy to cut 5,000 jobs by the end of 2016, most of them in the current.
The firm projects to save up to USD1.5 billion yearly from the drastic restructuring, reobtaining about USD2 billion in pretax costs, not to mention that this huge overhaul will affect more than 20 plants across the globe.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.