October 5, 2010
Caterpillar to raise prices worldwide
Heavy-equipment maker Caterpillar says it will raise prices up to two per cent worldwide starting in January. The company said the price increase was due to “industry factors” and the economy.
Caterpillar says price hikes will vary by product and location.
The company has already announced its first emissions-related price increases of two per cent to six per cent. Those also take effect in January.
Caterpillar Inc., based in Peoria, Ill., makes machinery for farming, construction, mining and other industries and is often seen as a bellwether for health of the industrial sector.
The company was hit hard by the recession, as businesses cut back on spending, and it cut more than 30,000 full-time and contract jobs.
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