On Thursday, a press release announced massive cuts across the company to combat the company’s bleak outlook, including “a total possible workforce reduction of more than 10,000 people.”
Doug Oberhelman, Caterpillar’s chairman and CEO, said the cuts would help the organization “deliver solid results”:
We are facing a convergence of challenging marketplace conditions in key regions and industry sectors – namely in mining and energy. While we’ve already made substantial adjustments as these market conditions have emerged, we are taking even more decisive actions now. We don’t make these decisions lightly, but I’m confident these additional steps will better position Caterpillar to deliver solid results when demand improves.