Caterpillar Inc plans to cut 475 more jobs amid revenue decline

Heavy machinery manufacturer Caterpillar said it plans a new round of layoffs to cut costs as declining revenues from global mining and construction project erodes its bottom line.

In the middle of July, the company reported a drop in quarterly profit due to an expected decline in construction revenue on reduced residential building activity in China and Brazil, soft sales related to oil and gas construction in the United States and the strong U.S. dollar undercutting the value of sales in Europe.

Caterpillar has let go about 4,800 employees over the past year and has cut 20,000 full-time employees worldwide since 2012, more than 10 percent of its global workforce.

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