CAT: Production Cuts Will Run Into 2013
CHICAGO (AP) -- Caterpillar Inc. says it will continue to idle factories and cut production into next year due to a slowdown in demand for its mining and construction equipment.
Mike DeWalt is director of investor relations for Peoria-based Caterpillar. Crain's Chicago Business (http://bit.ly/SLeBvZ ) says DeWalt told the Robert W. Baird 2012 Industrial Conference in Chicago on Tuesday that Caterpillar has been hard hit by a slowdown in mining. That part of Caterpillar's business had remained strong through recession in Europe and the sputtering U.S. recovery.
Caterpillar spokesman Jim Dugan says shut downs of a week or two will happen at factories in the U.S. and abroad. He says some locations could also move to four-day work weeks.
Late last month, Caterpillar cut its forecast for 2012 for the second time this year.