First-quarter profit shrank 45 percent. Caterpillar lowered its expectations for full year sales and profits because its mining business is slowing. Sales of Caterpillar-branded mining machines will drop by half this year, the company said on Monday.
Caterpillar said on Monday that its 2013 profit could shrink if the world’s economy doesn’t pick up in the second half of the year, as mining companies and builders remain cautious about buying new gear.
Officials with Caterpillar said Thursday they are planning to close their Owatonna plant and consolidating operations within their forestry business.
Caterpillar says the global economy is weaker than previously thought, and it’s cutting its profit and revenue guidance for 2012.
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