NEW YORK (AFP) - US construction equipment giant Caterpillar announced Monday that it intends to cut about 20,000 jobs worldwide to cope with plunging sales amid a sharp economic slowdown.
The layoffs, equivalent to about 18 percent of its workforce, will include 4,000 production and 7,500 administrative staff as well as about 8,000 contract staff.
The cuts would be accompanied by substantial reductions in overtime and freeze on hiring and salaries for administrative staff, the company said as it reported 2008 fourth-quarter profit dropped 32 percent to 661 million dollars.
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