Belfast Telegraph

UK Website Of The Year

Jobs go as Caterpillar cuts costs by $1.5bn

By Margaret Canning

Published 25/09/2015

Caterpillar said it is cutting jobs as it pushes to reduce costs (AP)
Caterpillar said it is cutting jobs as it pushes to reduce costs (AP)

Global generator maker Caterpillar, which employs around 2,000 people in Northern Ireland, has announced job losses across its international operations.

A spokesman said there was no information on how the province may be affected.

The firm said it aimed to cut operating costs by $1.5bn (£983m) by cutting jobs and closing or merging sites. It has three sites in Northern Ireland, in Larne, Springvale and Monkstown.

It blamed difficult market conditions for the cuts, which will start with the job losses between the end of 2015 and end of 2016. The firm said sales and revenues for this year would be $1bn (£0.66bn) lower than forecast at $48bn (£31.50bn). The firm's Northern Ireland operation suffered an 85% slump in profits to £3.8m during 2014 but managing director Robert Kennedy said it was still "strongly committed" to the Province. Around 35 people lost their jobs earlier this year in its Northern Ireland electric power division.

Belfast Telegraph

Your Comments

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting?

Read More

From Belfast Telegraph