Caterpillar surprised by equipment slump

Oct 25, 2013 | 10:16 AM | Corinna Petry

Tags  Caterpillar, mining equipment, iron ore, coal, Mike DeWalt, Brad Halverson, Doug Oberhelman, Corinna Petry

CHICAGO — Heavy equipment maker Caterpillar Inc. was caught off-guard by the depth of shrinking demand for mining equipment, but it is adapting to changing market conditions.

Peoria, Ill.-based Caterpillar has implemented a range of cost-saving measures, including temporary plant shutdowns, a worldwide headcount reduction of more than 13,000 over the past year, a 20-percent capital spending cut and general austerity measures companywide, Mike DeWalt, vice president of strategic services, said during an earnings conference call (, Oct. 23).....

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