(Source: Associated Press/AP Online)
WESTPORT, Conn. - Heavy equipment maker Terex Corp. said Thursday it will cut 170 employees who work at its plant in Cedar Rapids, Iowa as it moves the equipment manufacturing there to other facilities.
The company said the temporary shutdowns and layoffs already made at the plant weren't enough to make up for the steep decline in manufacturing.
"The worldwide recession has greatly reduced construction equipment orders. As a result, manufacturing capacity across the company is greater than needed to meet foreseeable market demand," Terex President and Chief Operating Officer Tom Riordan said in a statement.
Engineering, sales and service functions for materials processing equipment now made at the plant will be kept there for the foreseeable future. About 50 jobs will remain in Cedar Rapids.
The asphalt pavers, mobile crushing and screening equipment made at the plant will now be made at existing facilities in Durand, Mich., Oklahoma City, Okla. and other North American plants to be determined.
Shares rose 31 cents, or 2 percent, to close at $15.81.
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