Caterpillar will lay off an additional 300 employees in its Decatur, Ill., plant by July in yet another move to counter the slumping market for mining machinery.
The company had said in April that it planned to cut around 500 workers at the Decatur facility. The sum of the two moves represents about 20 percent of the plant's workforce, according to the Chicago Tribune. Cat also recently announced plans to shut a facility in South Carolina.
"Products built in Decatur are used in the mining industry, which has witnessed weaker market conditions when compared to last year," the company said in a statement. "Ultimately, with the softening in this sector, we must take steps to bring production in line with demand."
Source: Chicago Tribune