Caterpillar announces job cuts

Knoxville (WVLT) - Yet another blow to a battered economy.

Caterpillar says it's cutting five thousand jobs in addition to the 15-thousand positions the construction machinery manufacturer had already planned to cut.

The company says the move will help lower production costs.

This comes the same day the company reported record sales of $51.3 Billion for 2008.

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