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Last updated on Wednesday, October 10, 2012
(COLUMBUS) - Cummins Inc. announced Tuesday that it plans to cut as many as 1,500 jobs by the end of the year, but the company did not indicate exactly where the cuts would take place.
Cummins employs close to 8,000 Hoosiers and has about 44,000 employees worldwide.
The Columbus-based company also lowered its revenue outlook from $18 billion to $17 billion for 2012.
The cuts will come, because company officials say an uncertain global economy and decreased demand for Cummins' products precipitated the changes.
Tom Linebarger, chairman and chief executive officer of Cummins said in a press release said the company continues to see weak economic data in a number of regions during the third quarter, increasing the level of uncertainty regarding the direction of the global economy. As a result of that heightened uncertainty, end customers are delaying capital expenditures in a number of markets, lowering demand for Cummings products.
The company plans to pursue multiple ways of cutting costs in addition to the workforce reduction, including planned work week reductions and shutdowns at some manufacturing facilities.
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