Caterpillar Bringing Back 550 Employees That Were Laid Off, Letting Others Go (CAT)

Mon. October 26, 2009; Posted: 10:52 AM

Oct 26, 2009 (SmarTrend(R) News Watch via COMTEX) -- CAT | Quote | Chart | News | PowerRating -- 10/26/2009 - Caterpillar Inc. (NYSE:CAT) announced today that it plans to selectively align production levels with demand and resource requirements. The company has started bringing back laid off employees to work at various facilities. About 550 laid off U.S. employees have returned or will return before the end of 2010, which includes support, management, and production employees. Caterpillar also began notifying 2,500 laid off U.S. employees that they will be separated from the company and will be offered a separation package. Chairman and CEO Jim Owens said, "We are pleased that signs of recovery in the global economy allow us to return a selected group of laid off employees to work. But it's important to remember that we are not close to the record-breaking demand we experienced from 2004 through 2008."

Write to Chip Brian at cbrian@tradethetrend.com

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For full details on Caterpillar Inc (CAT) click here. Caterpillar Inc (CAT) has Short Term PowerRatings of 5. Details on Caterpillar Inc (CAT) Short Term PowerRatings is available at This Link.

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