Financial crisis hits local company

October 22, 2008 3:46:23 PM PDT
New figures show no immediate signs of improvement in the Triangle housing market.The number of home-building permits is down 49 percent from this time last year. And now hundreds of workers in Clayton and Sanford will feel the weight of the nationwide slowdown.

Heavy equipment made for homebuilding all over America is piling up at the Caterpillar plant in Clayton.

CAT has announced two weeks of non-production days for 600 workers at the Clayton and Sanford plants. Caterpillar will stagger the ten days without pay between now and the end of the year.

Clayton residents say their quant Main Street is already bruised by the economic squeeze --more store fronts are vacant and merchants offer cash for gold.

Clayton's local newspaper announced its own construction freeze.

However, residents are still confident Caterpillar is on solid ground. They say given the economies current condition, two weeks without pay are better than lay-offs.


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