Caterpillar has finalized plans to consolidate and close much of its production in East Peoria.
The company announced Fri. that it will lay off 350 employees in office and production roles on the East Peoria campus. Cat says it also plans to close its HH Building in East Peoria, which affects 230 current employees.
The reductions in East Peoria will take place over time beginning February 8.
Cat also announced Fri. it will close five plants and eliminate 670 jobs. It’s part of a broader two-year restructuring plan announced last Sept. to reduce costs, amid a weak global economy and lagging commodities prices. That plan calls for the reduction of 10,000 jobs as well as factory closures.
Friday's announcement comes a day after Cat released its year end results that showed a 15 percent decline in sales and revenues last year. The company also adjusted its 2016 outlook anticipating another 10 percent decline this year.
The latest restructuring announcement also includes the addition of 160 new jobs in Pontiac, Illinois as a result of the closure of plants in Georgia and New Mexico.