Caterpillar, the US company, has announced that it's going to make 20000 job cuts worldwide.

It's not yet clear how many of these employees will be from the UK. Temporary shuts downs and shorter working hours will also be part of a massive cost cutting exercise.

We do not yet know how many of the 10000 workforce will be affected.

Fourth quarter 2008 income was down 32% and the company predicts 2009 as being tough!

More news to come on UK job losses as soon as we have more information.

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