Caterpillar is planning another round of job cuts that could exceed 10,000 people through 2018, as the construction and mining equipment maker adjusts to downturns in key markets that it serves.
That could amount to more than 8 percent of the 126,800 employees it had globally as of June.
The Peoria, Illinois, company said Thursday that it will cut as many as 5,000 people mostly by the end of this year from its salaried and management workforce. It then could cut thousands more, raising the total cuts above 10,000, as it figures out which factories and manufacturing sites to close through 2018.
Caterpillar said it faces challenging conditions in key sectors. Company officials said in a statement that industries like mining, oil and gas, construction, and rail have a history that sometimes includes prolonged downturns, but they are the right businesses to be in for the long term.