MOSCOW (Pakistan Point News / Sputnik - 05th November, 2020) American company Caterpillar is planning to restructure its operations in Northern Ireland's cities of Larne and Belfast, where around 1,600 people work for the company, which may result in the layoff of its workforce in these cities by almost half, the Belfast Telegraph newspaper reported on Thursday.
"The company is also considering the sale of the Millennium offices building located in the Springvale business Park [in Belfast]," the company said, as quoted by the media.
Caterpillar added that these changes are aimed at increasing the efficiency of the company's operations in the region, and the restructuring could start this year and last for 18 months.
The changes are reportedly not linked to the uncertainties over post-Brexit trade arrangements or the coronavirus pandemic.
Joe Creed, Caterpillar vice president of the electric power division, said that the company has the intention to provide severance packages to redundant employees.
Caterpillar is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company has 110 facilities worldwide, 51 of which are located in the US and the other 59 situated in 21 other countries worldwide.
