CHICAGO (Reuters) – Caterpillar Inc (CAT.N) will close two facilities in Texas and Panama and is also considering shutting its engine manufacturing plant in Illinois as part of a strategy to boost profitability and better handle business cycles, but the move could cut 880 jobs.
The plant closures, which were announced internally over the past two months, were confirmed to Reuters by a company spokeswoman on Friday.
She said the move will affect its work tools facility in Waco, Texas, and its demonstration center in Panama.
The worlds largest heavy-duty equipment maker emerged last year f…
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