More Caterpillar workers are being walked-off the job today in the Peoria area.
The news from people inside the offices where the layoffs are taking place is confirmed by a statement from the company. It confirms layoffs began today and will continue throughout the week. But Caterpillar is not releasing locations, or the total number of layoffs.
The company says 2017 sales and revenue are expected to be less than 2016. Caterpillar says it’s taking additional cost cutting actions around the globe.
Some of the laid off workers will be placed in other available positions throughout the company. Those landing without further Caterpillar employment are expected to receive severance packages and outplacement services.
Caterpillar also says the company realizes the layoffs are particularly difficult for employees and their families during the holiday.
News of another round of Caterpillar layoffs comes at the same time the company announces it will maintain its quarterly cash dividend of seventy-seven cents ($0.77) per share, payable February 18, 2017. That’s for stockholders on record at the close of business on January 20, 2017.
Caterpillar says the dividend remains a high priority throughout the difficult economic times..