Caterpillar Inc., the world’s largest construction and mining equipment operator, cut its profit and revenue predictions for 2013 based on the economy being far weaker than expected.
Since dealers want to lower inventories, they are ordering fewer products and it is resulting in Caterpillar having shutdowns and layoffs.
Caterpillar expects no improvements in revenue and they are preparing for a possible 5% decline.
Read the story at LA Times
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