Caterpillar to Cut 20,000 Jobs

From the Wall Street Journal

Caterpillar projected 2009 earnings well below analysts' estimates and said it would cut 20,000 jobs, or about 18% of its work force, to reflect the lower demand. The heavy-machinery maker reported fourth-quarter net income fell 32% on a steep drop in demand at the end of last year, as the global economic downturn worsened and some customers cancelled orders.