Caterpillar Inc. is laying off 60 production employees at its South Milwaukee plant.
The Peoria, Ill.-based company’s world mining division is based in Oak Creek and it operates a production plant in South Milwaukee.
“As we stated late last year and more recently in our fourth-quarter release, Caterpillar Inc. continues to take actions to reduce costs and better align our workforce with business needs,” said Barbara Cox, spokesperson for Caterpillar. “While some cost reduction measures have already been implemented, further measures must be taken in the near term. As a result, we have notified approximately 60 production employees that they will be placed on indefinite layoff, effective April 14, 2014. We know this is difficult for our employees and their families, but we must take steps to position the company for long-term success.”
Caterpillar recently reported its fourth quarter revenue was down 10 percent, pointing to a significant 2013 decline in mining equipment sales. Last fall, Caterpillar announced that its third-quarter earnings plunged 44 percent and said its revenues from its mining equipment manufacturing business will fall by 40 percent.
Last summer, Caterpillar laid off 260 employees at its South Milwaukee plant, close to a third of the plant’s 800 employees.
