Caterpillar Inc. says it will close five factories as the Peoria, Illinois-based heavy equipment maker reacts to slowing demand for construction and mining equipment worldwide by cutting capacity.
Over the next 18 months Caterpillar will close:
- a 240-employee stamping metal hose coupling plant in Oxford, MS, shifting some production to a plant in Menominee, MI, and some work to outside suppliers
- a 325-employee electric generator packaging facility in Newberry, SC, and a 75-employee generator assembly panel plant in Ridgeway, SC, shifting work to company plants in Seguin, TX; Lafayette, IN; and Griffin, GA
- a 70-worker bucket and work tool plant in Jacksonville, FL, shifting work to outside suppliers
- a 110-worker engine and undercarriage component plant in Morganton, NC, shifting work to other company plants and suppliers
The company will also demolish a mostly vacant engine manufacturing building in Mossville, IL, to save money.