Caterpillar to cut up to 5,000 jobs by end of 2016, stock falls 6%

September 24, 2015 3:24 PM

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Shares of heavy-equipment maker Caterpillar (CAT) are down sharply after the company said today it is cutting its sales outlook for the year and will slash as many as 5,000 jobs between now and the end of 2016 in a cost-cutting move amid tough conditions in its energy, mining and construction businesses.

Caterpillar also warned that total layoffs could climb to more than 10,000 through 2018 and that sales and revenue could drop in 2016 for a record fourth straight year.

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