Tuesday, March 31, 2009

CAT - French Executives Held Hostage

In response to Caterpillar's plan to lay off 700 workers without room for negotiation, hundreds of workers at a Caterpillar plant in Grenoble, France are holding five executives, included the head of operations, hostage and protesting outside the facility. A spokesperson for the workers has commented that violence is not a motive and that the workers are trying to convince the executives to negotiate.

A statement by Caterpillar issued in response to the situation claims that the executives in Grenoble are communicating with the French Works Council and that their "... utmost priority is to find a solution that guarantees the sustainability of our presence in Grenoble."

Despite this news, CAT is up 3.12% as of 2:54 PM.

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