Caterpillar to Lay Off Up to 3,270
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Caterpillar Inc., the world’s second-biggest maker of heavy-duty diesel engines, said it would lay off as many as 3,270 workers at Illinois and Georgia plants that make truck engines because of slowing demand.
Caterpillar and rivals such as DaimlerChrysler’s Detroit Diesel unit are laying off workers as heavy-truck demand declines because of tougher U.S. truck-engine pollution rules that took effect this month.
Orders are falling because trucking companies stocked up with vehicles with engines that met the previous rules because of concerns about the new engines’ cost and reliability.
Shares of Peoria, Ill.-based Caterpillar fell 87 cents to $35.71 on the NYSE. The layoffs were announced after the close of regular U.S. trading.
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