Belfast Telegraph

Jobs go as Caterpillar cuts costs by $1.5bn

By Margaret Canning

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.

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