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BusinessNews

Caterpillar Inc. announces layoffs at plant in South Texas

The employees laid off served as support for Caterpillar’s manufacturing operations

Caterpillar Inc. notified 120 workers at its Victoria, Texas, facility that they will no longer have a job effective, November 1.

Company officials said “market conditions” are the reason for the layoffs.

“Caterpillar notified a portion of its Victoria, Texas, workforce that it is taking actions to bring production in line with demand,” according to a statement from Lisa Miller, spokeswoman for Illinois-based Caterpillar.

The layoffs were first reported in the Victoria Advocate on October 30.

Most of the Caterpillar workers laid off were supplemental employees hired on a short-term basis, with the possible opportunity to be hired full-time, according to social media posts.

Caterpillar’s facility in Victoria employs around 600 people. The company manufactures large hydraulic excavators at the plant. The employees laid off served as support for Caterpillar’s manufacturing operations, according to Miller.

Caterpillar recently announced its third-quarter financial results, badly missing most analysts’ forecasts, according to Zacks. Caterpillar’s revenue and sales declined about 6% during the third-quarter.

The heavy machinery manufacturer earned $2.66 per share in the third quarter, compared to  analyst estimates of $2.88 per share. Revenue came in at $12.76 billion, while Wall Street expected revenue of $13.57 billion.

The Deerfield, Illinois-based company said it now expects fourth-quarter demand to be flat, down by a $900 million reduction in inventories. 

“Our volumes declined as dealers reduced their inventories, and end-user demand, while positive, was lower than our expectations,” Caterpillar Chairman and CEO Jim Umpleby said during an earnings call on October 23. 

Caterpillar’s largest decline was in Asia, where sales in China fell nearly 30%, compared to the same period last year.

Caterpillar also recently announced it was outsourcing jobs at its Peoria, Illinois facility to a company in Dublin, Ireland. The positions were in its finance and accounting departments, according to WMBD-TV.

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Noi Mahoney

Noi Mahoney is the Cross-Border Freight Market Reporter for FreightWaves.com. He graduated from the University of Texas at Austin with a degree in English in 1999. Mahoney has more than 20 years experience as a reporter and editor. He has worked for newspapers in Florida, Maryland and Texas.

7 Comments

  1. Am surprised it’s only 30%, with everything that is happening with China, and China producing their own replicas out of Caterpillar is surprising…..

    1. You seriously know nothing about what this country needs to become what it once was. Past leaders of the country have caused this nation to be nothing but consumers and not producers. Good God get your knowledge up to date, if this country would just follow this lead that we have, we would one day became that great nation again…..

  2. Guess we’ll find out how many sheep have to lose their jobs before it dawns on the walking dead masses that the nation’s going down the drain. Usually, the average moron doesn’t figure anything out until it directly affects him, as in, he gets laid off.

  3. You can thank Bill Clinton and NAFTA ! This country was given to the China and Mexico years ago . It’s all about $$ with the career politicians. Trump owes no one any thing that’s why they hate him . Give me a president that imports NOTHING into this country for the next 20 years . Than these spoiled kind da might have to get a jobs and we can restore the might that this country once had .

  4. Great News!!
    I was laid off in 1993 from my job as a Manager for a large Retail Food Corporation in North Texas..
    It was a Blessing in disguise.. ,, I realized then that “job security” was a joke!!!
    I worked extremely hard to get 3 promotions in 8 years only to find out I would no longer have a job at age 30..
    I did some soul searching and discovered that I could start my own Business.,, so with a lot of Ambition and Dedication
    I started the Alvarado Group with $150.00 in 1992.. By 1999, I was Financially Independent..
    We will be expanding in 2020-2030!
    Send Resume to mmamoses@gmail.com to be considered.. America Bless God and God will Bless America!

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