"Caterpillar to cut executive pay in '09" by Associated Press | December 23, 2008
Caterpillar Inc., the world's largest maker of mining and construction equipment, said yesterday it will cut executive compensation by up to 50 percent next year because of weakening demand triggered by the global economic downturn....
The move was the latest belt-tightening measure by the company in response to global economic turmoil. On Friday, the company said it will lay off 814 production workers at an engine assembly plant in Mossville, Ill. It also disclosed an unspecified number of temporary layoffs at two factories in North Carolina.
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