Caterpillar: more jobs in North America, fewer in Asia-Pacific
Caterpillar increased the number of employees in North America by 8.9% in 2022, while in the Asia-Pacific region it reduced this indicator by 6%.
This brought the number of full-time employees in North America to 48,7,000 and reduced the number in Asia-Pacific to 24,400.
Worldwide, Caterpillar ended 2022 with 109,100 employees, up 1.3% year-over-year.
With 2022 sales and revenues of $59.427 billion, the company is the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives.
The company operates primarily through its three main segments: Construction Industries, Resource Industries, and Power and Transportation.
It also provides financing and related services through its Financial Products segment.
Caterpillar is a leading U.S. exporter.
Through a worldwide network of independent dealers and direct sales of certain products, Caterpillar builds long-term relationships with customers around the world.
Moving forward, in the construction sector, the company sees positive momentum in 2023 for North America.
Caterpillar expects nonresidential construction in North America to grow due to the positive impact of government-related infrastructure investments, a healthy backlog and rental replacement.
Residential construction continues to moderate due to tightening financial conditions, but remains at a healthy level.
Financial result of Caterpillar
In Asia-Pacific excluding China, the company projects growth due to government infrastructure spending and favorable commodity prices.
The company’s projections see continued weakness in China in the 10-ton-plus excavator sector, which it expects to remain below 2022 levels due to low construction activity.
In Europe, Africa, the Middle East and the Commonwealth of Independent States, activity is expected to remain more or less stable relative to 2022 due to good order backlogs and strong construction demand in the Middle East, offset by uncertain economic conditions in Europe.
In Latin America, construction activity will remain flat or slightly below the good performance of 2022.
Caterpillar products and services are sold worldwide into a variety of highly competitive markets.