A weakening global economy has prompted Cummins Inc. to lower its sales and earnings expectations for the year. The company late Tuesday also said it would reduce its workforce by 1,000 to 1,500 by the end of the year.
Additional steps the company said it is considering include:
Shutdowns at some manufacturing facilities.
Cummins provided no details about where workforce reductions would take place, and a spokeswoman said the Columbus-based engine maker likely would be analyzing the situation through the end of the month. The company in early September employed about 46,200 across the globe, then a record. That included about 7,700 in southern Indiana, the bulk of those in Columbus.
The company made the announcement after stock markets closed Tuesday; shares fell about 4 percent in after-hours trading.
As of 6:41 p.m. Tuesday, shares had fallen to $87.25, down 3.95 percent in after-hours trading. Shares had fallen 1.41 percent before markets closed on Tuesday. Shares of rival heavy equipment makers Caterpillar and Navistar also fell in after-hours trading.