Word: caterpillar
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Dates: during 2000-2009
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Until then, Peoria seemed to have been coping with the recession. The region's unemployment rate had risen only modestly, from 4.5% to 6.2%, between November 2007 and November 2008. Home sales had fallen slightly, but far less than the state's average. So news of Caterpillar's crisis landed with a painful thud in the city of roughly 113,000, which counts the company as its largest employer. Caterpillar hasn't disclosed how many of its displaced workers live in this region, but about one-quarter of its global workforce is based in Illinois, mostly around Peoria. As light...
...Tuesday, Rickie Doty, president of the UAW Local 974 here, sat in his office and carefully considered the future. Just one day earlier, Caterpillar Inc., his employer of 35 years and one of the world's leading purveyors of construction equipment, announced it would shed some 20,000 jobs - nearly one-fifth of its global workforce. The announcement just made things official: the bulk of that astonishing figure is already off the Peoria company's books, including some 2,500 management-level personnel who accepted buyouts in recent weeks and 8,000 people who worked on contract or through agencies...
...Everybody ... of course they're nervous," says Doty, 54, a Caterpillar machinist. But, he adds, "you've got to hope this thing is going to get turned around sooner or later. I don't think it'll be sooner, but you've got to stay positive." (See the worst business deals...
...Caterpillar is an iconic American corporation, producing everything from the tractors and earth-moving machines that come in archetypal construction yellow to footwear and boots. Its early 1900s tractors helped revolutionize the construction industry - and inspired the first military tanks that took to battle in World War I. But now Caterpillar is facing a very 21st century ordeal, one that almost all other companies face amid what is arguably the gravest economic crisis since the Depression. On Monday, Caterpillar joined other U.S. companies in announcing the collective loss of some 75,000 jobs at operations worldwide. (See pictures...
...seems impossible that a handful of companies could put nearly 80,000 people out of work in a day. Caterpillar (CAT), Pfizer (PFE), Texas Instruments (TXN), Sprint (S), and Home Depot (HD) did most of the damage. What was not seen in the headlines was the thousands of smaller American firms which also fired people over the same 24-hours. Could 200,000 people across the economy have been put out of work in one day? Of course...