(Reuters) - Caterpillar Inc (CAT.N) and Deere & Co (DE.N) said on Friday they are cutting a total of 170 jobs in their factories in yet another step in the consolidation of the slumping U.S. heavy machinery sector.
Deere, a leading maker of farm and construction equipment, said 100 employees will be placed on indefinite layoff effective April 1 in two of the company’s factories in Iowa that make construction and forestry machinery.
Caterpillar, the world’s largest maker of construction and mining equipment, said it will halt production of its on-highway trucks at its plant in Texas, eliminating 70 jobs.
Both companies have faced declining sales as global construction activity slows.
Deere shares were up about 0.5 percent at $79.98 and Caterpillar shares were 1.6 percent higher at $67.53 in early trading.
Reporting By Meredith Davis; Editing by Steve Orlofsky