10,000 jobs may be axed at Caterpillar
Engineering giant Caterpillar is to axe up to 10,000 jobs around the world as part of a major restructure of the business.
The heavy vehicles firm, which employs about 350 people in its divisions in Shrewsbury, said it may lose the staff at operations around the world by 2018 after revealing that revenues are expected to be a billion dollars (£660 million) lower this year than previously forecast.
A loss of 10,000 staff would represent an eight per cent reduction in the company's overall workforce. The company also confirmed that it was considering the closure of about 20 manufacturing sites.
The firm employs 9,500 people at 20 major facilities in the UK, including at its site in Lancaster Road, Shrewsbury.
The future of the Shrewsbury operation was given a boost last year, however, when the company invested £4 million in the site.
