Equipment Maker Caterpillar May Slash Up to 900 Jobs

Heavy equipment maker Caterpillar is reportedly set to close two of its facilities. In addition, the company may also close a engine manufacturing plant in Illinois, which together could result in about 880 job losses. The restructuring is said to be part of Caterpillar's strategy to boost profitability and allow itself to better manage business cycles. According to a spokesman, the move will affect a work tools facility in Waco, Texas, and a demonstration center in Panama.