Dallas, Texas 11/06/2013 (Financialstrend) – Caterpillar Inc. (NYSE:CAT) has announced that it will be shuttering its West Virginia plant in a bid to cut costs. There has been a dip in the demand for the machines that are used to dig copper and coal. Production of the high-wall miners that are utilized in underground mines will now be shifted to Pennsylvania from Beckley by mid-2014 said the company. Over the last one year, the company has announced half a dozen such closings as it is experiencing its 1st dip in profits and sales since 2009.
Caterpillar Inc. (NYSE:CAT) has already taken numerous steps to axe costs apart from shuttering its plants. It has also cut down its global work-force by over 13,000 employees over the last one year.
In Tuesday’s trading, Caterpillar Inc. (NYSE:CAT) rose by 0.19%. The opening price of the shares was $83.61, which climbed to an intraday high of $84.19 and dipped to a close of $84.05. Approximately 4.02 million shares were traded on Tuesday while an average volume of 5.19 million shares were traded over a 30 day period. The 52-week low of Caterpillar Inc. (NYSE:CAT) shares is $79.49 and its 52-week high is $99.10. The company has a market capitalization of $53.49 billion.
About the company
Caterpillar Inc. (NYSE:CAT) is a manufacturer of construction & mining equipment, diesel & natural gas engines, industrial gas turbines & diesel-electric locomotives. The company operates in 2 segments: 1- Machinery and Power Systems, and 2- Financial Products. The Machinery and Power Systems segment represents a combination of Construction Industries & Resource Industries, Power Systems & All Other segments & related corporate-items and eliminations. The Financial Products segment includes its Financial Products Segment.
This category includes Cat Financial & Caterpillar Insurance Holdings Inc. Effective 1 March 2012, Caterpillar Inc. (NYSE:CAT) announced that Caterpillar Japan Ltd. Has acquired Caterpillar Tohoku.