Caterpillar (CAT) Announces Significant Restructuring, Cost Reduction Plans
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Building for a Stronger Future, Caterpillar Announces Restructuring and Cost Reduction Plans
September 24, 2015 9:00 AM EDTPEORIA, Ill., Sept. 24, 2015 /PRNewswire/ --Â Caterpillar Inc. (NYSE: CAT) today announced significant restructuring and cost reduction actions that are expected to lower operating costs by about $1.5 billion annually once fully implemented. The cost reduction steps will begin in late 2015 and reflect recent, current and expected market conditions. For 2015, the company's sales and revenues outlook has weakened, with 2015 sales and revenues now expected to be about $48 billion, or $1 billion lower than the previous outlook of about $49 billion. For 2016, sales and revenues are expected to be about 5 percent below 2015.
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