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Caterpillar Eliminates 10,000 Jobs

Buffeted by poor sales, Peoria based Caterpillar says it'll reduce its workforce by 10,000 by the end of 2018, with nearly half of those jobs being eliminated by the end of this year. Rachel Potts, spokesperson for the heavy equipment manufacturer, says the jobs will come from throughout the company:

"We are contemplating restructuring actions that could impact more than 20 facilities, and we are not saying specific locations today we are looking at those facilities around the world."

Potts notes the company has already reduced it's workforce by 31,000 since mid 2012. She says more than 20 facilities closed during that time. A slow down in the mining and energy markets, along with lower commodity prices are keeping demand for expensive equipment low.