February 3, 2012
Caterpillar to close London, Ontario locomotive factory
Progress Rail Services Corp., a subsidiary of construction equipment maker Caterpillar Inc. (NYSE:CAT), is closing a London, Ontario locomotive factory.
“The cost structure of the operation was not sustainable and efforts to negotiate a new, competitive collective agreement were not successful,” the firm stated in a press release Friday.
The move came eight days after Caterpillar reported profits of US$4.928 billion on revenues of US$60.138 billion in 2011.
The London, Ontario plant is operated by Electro-Motive Canada and was opened in 1949 as a General Motors Diesel operation.
Published reports indicate members of Canadian Auto Workers Local 27 were locked out by the employer. CAW leader Ken Lewenza expressed concerns in December that Caterpillar was planning to close the plant.
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