Caterpillar Inc. (NYSE: CAT) has backpedaled more than 2% today after the company announced that it would cut white-collar pay by up to 50% and offer buyouts to some employees as it looks to lower costs during what it characterized as "uncertain times." This negative news follows the firm's recent announcement that it plans to lay off 814 employees at its Mossville, Illinois, engine assembly plant.
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Jocelynn Drake, 513-589-3800
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