Heavy equipment manufacturer Caterpillar Inc. is set to close two facilities in Panama and Texas as part of a strategy to increase profitability, a move that could eliminate 880 jobs, Reuters reported.
The company's Progress Rail unit is also considering whether to shutter its engine manufacturing plant in LaGrange, Ill., and shift the work to Winston-Salem, N.C. A company spokeswoman confirmed that the closure would affect 600 full-time positions.
These developments come as U.S. manufacturers deal with U.S. President Donald Trump's move to impose import duties on aluminum and steel, expected to push up input costs for manufacturers such as Caterpillar, according to the report.
