Caterpillar Reports Sales Losses

(Peoria, IL) — For Caterpillar managers and support employees, the effects of a drop in sales last year are showing up in their paychecks. The company announced Thursday that it’s canceling 2016 merit increases in most locations around the world as part of the effort to manage costs. The company also announced that fourth-quarter sales were down 23-percent compared with the final quarter of 2014, while sales for all of 2015 were down 15-percent.