Caterpillar to slash 20,000 jobs as profit falls (Reuters)

A Caterpillar heavy equipment is parked at a storage yard in Denver, July 22, 2008. (Rick Wilking/Reuters)Reuters – Caterpillar Inc announced it would cut nearly 20,000 jobs and warned of a tough year ahead as a downturn that began in the United States metastasized into a full-blown global recession, gutting orders for earth-moving equipment.

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