Caterpillar to cut at least 10,000 jobs

September 24, 2015 3:54 PM

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Construction and mining equipment maker Caterpillar plans to lay off 10,000 workers — or more — in a bid to save $1.5 billion a year in operating costs, it announced Thursday.

Nearly half of those job losses — 4,000 to 5,000 salaried and management employees — will come before the end of 2016, with most completed this year, the company says in an SEC filing.

Also read: Union Pacific to layoff 750 U.S. employees amid broader cost-cutting

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