Caterpillar closing Kilgore plant; 100 jobs to be affectedCaterpillar closing Kilgore plant; 100 jobs to be affectedhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=58642013-10-30T11:22:00Z2013-10-30T00:00:00Z

KILGORE - Caterpillar Inc., which reported disappointing third quarter earnings, is shutting down its facility in Kilgore. Caterpillar said its 3Q 2013 earnings plunged 44 percent and revenue will be almost $11 billion lower than 2012, a decline of 17 percent.

Caterpillar said about 100 jobs would be impacted. Caterpillar will offer eligible full-time employees a severance package and transitional support.

Production of the dippers made in Kilgore will be moved to Cat facilities in Kansas and Wisconsin. The move is part of an effort “to position this business to be more successful and competitive throughout the cycles in a rapidly changing mining industry,” according to a company spokeswoman.

Most of the decline is in its mining gear business, where revenue is expected to fall 40 percent, and of which the Kilgore plant is a part.

Until 2013, rising commodity prices had fueled a mining boom, but slower growth in China’s economy hurt demand for mining gear there and Australia.

Longview News Journal
http://www.news-journal.com/business/local_business/caterpillar-closing-kilgore-plant-jobs-to-be-affected/article_3058bb0e-40e7-11e3-9eb6-001a4bcf887a.htmlRead more at {Source}

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