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

US manufacturer Caterpillar is planning to cut up to 700 jobs in Northern Ireland.
The cuts will affect workers at its plant in Larne in Co Antrim.
The cuts are expected to be completed within 18 months and are designed to ensure the competitive future of the firm.
Caterpillar is a world-leading manufacturer of generators. 
“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,” Joe Creed, vice president of Caterpillar’s Electric Power Division, said. 
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. 
The company said the cuts are unrelated to Brexit, Covid-19 or the end of temporary lay-off schemes.