Caterpillar To Shed 20,000 Jobs Worldwide As Profits Fall
CITY OF INDUSTRY, CA - JANUARY 26: Men walk near rows of Caterpillar products at Quinn Co. Caterpillar on January 26, 2009 in City of Industry, California. Under presser of a worsening economy, several industry giants announced today that they will lay off nearly 50,000 employees. The biggest international manufacturer of construction equipment, Caterpillar, will eliminate 20,000 jobs, about 18 percent of its workforce, after it announced its fourth-quarter profit dropped of 32%. In addition, Home Depot, Sprint Nextel Corp, Texas Instruments Inc., Pfizer Inc. and General Motors Corp. all announced thousands of layoffs today. (Photo by David McNew/Getty Images)
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