Caterpillar reports 60 per cent profit jump; CAW calls for mass pickets
Electro-Motive employees are still locked out by parent company Caterpillar despite making huge profits.
TORONTO—The Canadian Auto Workers union is picketing in several cities across Canada today to bring attention to the lockout of 420 Electro-Motive employees in London, Ont.
Among the cities are St. John’s, N.L., Dartmouth near Halifax, Montreal, Winnipeg, Edmonton and Vancouver.
There are also demonstrations planned in several Ontario cities including Windsor, St. Catharines, Sudbury and Concord.
The Caterpillar-owned company is looking to cut wages and benefits in half to match concessions from its employees in Le Grange, Ill.
Meanwhile, Caterpillar has released its fourth quarter financial results that show 60 per cent profit growth year-over-year.
Peoria, Ill.-based Caterpillar reported net income of $1.55 billion, up from $968 million last year.
Sales and revenue jumped 24 per cent to $17.24 billion from $12.81 billion.
Caterpillar is forecasting 2012 profits of $9.25 per share and revenues of up to $72 billion.