Caterpillar announces layoffs, business restructuring

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PEORIA, Illinois — Caterpillar has announced more layoffs and changes to its mining division, saying it will restructure many of its mining products and discontinue some machines.

Earlier this week, Caterpillar announced it would close five plants and cut nearly 700 jobs in the process, mostly in Illinois.

The company plans to consolidate and transfer work to outside contractors.

"We are targeting our investments within the mining product portfolio to concentrate on those areas with the highest profitability potential. At the same time, we continue to manage through the longest down-cycle in our history. We know these ongoing restructuring actions are not easy on our workforce; I’m grateful for our team’s ongoing dedication," said Denise Johnson, group president with responsibility for Resource Industries.

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