Posted on 03/31/2017 5:24:47 PM PDT by Olog-hai
Caterpillar Inc. has announced the closing of its facility near Aurora, Illinois, and the lay off 800 workers.
Earlier this year, the earth-moving equipment maker said it would lay off employees in 2017 because of an anticipated decline in demand for its products.
Caterpillar spokeswoman Lisa Miller said Friday the large wheel loaders and compactor production will be moved to the company’s Decatur, Illinois, plant. Its medium wheel loader production line will be moved to the North Little Rock, Arkansas, plant. …
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Damn those greedy lepidopterists!
Somebody must have told them that we aren’t going to build “the wall” to keep the freeloaders and criminals out. Hmmmmm.
But hopefully, the company will soon morph into something beautiful & free!
/s
Cat had a loss of 1.17 billion. Revenue was less than 10 billion. That is an absolutely huge loss. Some of the jobs are being transferred from Illinois to Illinois. Not exactly about leaving the tax heavy state of Illinois. I do not understand how with the economy getting stronger, that the earth moving equipment maker would be getting weaker.
Caterpillar is a global company.
I thought lepidopterists didn’t change their spots.
If revenue was $10BN that’s where it was in the early 90’s.
That’s probably 4th Qtr. with a total of around $40BN for the year.
It’s a $25/share stock but it’s consistently trading around $92.
Go figure.
Actually this corporatist globalist POS company was one that came in to save the day during the ObammyCare windup to help shove that crap up our collective asses.
Wrote that CEO ‘nicely’ back then that they were being USED, patsies i said then and now, F’ those Caterpillar f’s! The deserve the crash, hopefully Chap 11.
Cat large wheel loaders are lemons, especially the 994. The only place they’re interesting are on stockpiles and stockpiles are a waste that should be removed through other means (and are in this low cost environment) combined with the existing fleet which doesn’t need replacement for a few years.
Cat in general has a reliability problem. You can get higher reliability through their competitors at a lower cost. Cat also is lacking on the service side: they don’t do it well and it should be part of a total package.
The heavy equipment industry had some really ba need years for a while. Cat grew quite a bit and it’s probably correcting now.
The heavy equipment industry had some really ba need years for a while. Cat grew quite a bit and it’s probably correcting now.
My niece and her husband both work for Cat. I was kind of surprised to learn that customers had to buy support after purchasing the machines. They just spent two years in Chile, three years in Timmons, ON prior to that.
Cat is overpriced finicky bullcrap. Cat has been fleecing customers on overpriced parts forever. By overpriced i mean three times the price of everyone else, iced with arrogance.
Hmmm, the City of Aurora is about 40 minutes from where I live in a Western suburb of Chicago. I’ve driven past their plant there. This is going to put a big hole in Aurora’s economy.
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