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December 23, 2013
16:37 EDTCATCaterpillar commits to a restructuring plan for Gosselies, Belgium operations
Caterpillar disclosed in a filing that on December 18, Caterpillar committed to a restructuring plan for its Gosselies, Belgium operations in order to improve the competitiveness of its European manufacturing footprint. The company said, "Our Plan is designed to achieve competitiveness in our European operations by refocusing our current Gosselies operations on final machine assembly, test and paint with limited component or fabrication operations. These actions will include reshaping our supply base for more efficient sourcing, improving factory efficiencies and workforce reductions. We recently completed negotiations with the representatives of our hourly and salaried employees regarding separation benefits, and the resulting proposals have been approved by a majority vote. These proposals are still subject to Belgian Ministerial approval. We estimate these employee cash separation costs to be about $300M before tax, which represents substantially all of the restructuring charges to be incurred under the Plan. A decision by the Belgian Minister of Employment is expected during the first quarter of 2014, and subject to such approval, we expect to recognize substantially all of these separation-related charges throughout 2014."
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April 6, 2014
18:07 EDTCATCaterpillar likely to face more IRS pressure, WSJ says
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