US firm Caterpillar to axe up to 700 jobs in Northern Ireland

US manufacturer Caterpillar is planning to cut up to 700 jobs in Northern Ireland.

It will affect workers at its plant in Larne, Co Antrim.

It is expected to be completed within 18 months and is designed to ensure the competitive future of the firm.

Caterpillar is a world-leading manufacturer of generators.

Joe Creed, vice president of Caterpillar’s Electric Power Division, said: “We recognise that what we are considering is difficult for our employees, their families and the community.

“We do not take these contemplations lightly; however, we must plan for future business needs to be competitive.”

The Caterpillar manufacturing facility in Springvale will not be affected by the job cuts.

The total number of Caterpillar employees in Northern Ireland is currently about 1,600.

The announcement is part of the company’s ongoing plans to better utilise existing capacity and improve cost competitiveness.

It is unrelated to Brexit, Covid-19 or the end of furlough schemes.