caterpillar plant closing, 330 employees to lose jobs

by:Gewinn     2019-08-17
Caterpillar heavy equipment giant
To close a tunnel.
Boring machine factory in Toronto
2014, 330 workers were removed from work.
Caterpillar acquired the plant in 2008 when it acquired Lovat Inc. .
But it is now said that the plant will no longer be a \"strategic growth opportunity\" and will be closed.
The employees of the plant have recently worked on four boring machines used to chew the ground to build Eglinton-
Light express transit line in Crosstown, Scarborough, Toronto.
The company says 330 workers will receive severance pay and assistance to help them find new jobs.
The closure will not affect existing customer contracts and support for parts and services will continue until 2016, the company said.
The closure occurred after about 500 employees were fired at the London Ont.
A caterpillar-owned locomotive factory closed for a month last year.
Long-standing suspension due to wage disputes with workers.
A company executive said the Toronto tunnel business was no longer suitable for Caterpillar.
\"We know it\'s a tough news for our employees and their families.
When we acquired this company, we acquired a great team, and while they have demonstrated their ability to manufacture high quality products, the future prospects of the business no longer meet our expectations, stu Levenick, president of customer and dealer support, said in a press release.
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