As part of a restructuring plan to save $1.5 billion annually, Caterpillar Inc. announced Thursday that it could cut more than 10,000 jobs through 2018.
This number amounts to more than 8 percent of the 126,800 employees it had globally as of June 2015, according to Yahoo! News.
Caterpillar has experienced major losses as of late, and on Thursday, the company's shares fell as much as more than 6 percent to $65.77 in early trading.
The company expects to gain $48 billion in revenue this year, a $1 billion drop from its previous forecast, reported Reuters. Revenue is also expected to fall by an additional 5 percent in 2016.
Caterpillar will cut as many as 5,000 employees from its salaried and management workforce by the end of 2015. Afterward, the company expects to cut thousands more, raising the amount of fired employees above the predicted 10,000, as it figures out which sites to close through 2018.
Caterpillar is facing "challenging marketplace conditions in key regions and industry sectors - namely in mining and energy," Chief Executive Doug Oberhelman said in a statement, according to CNN.
The company is heavily influenced by the ebb and flow of the global market and in particular, generates nearly 10 percent of its revenue in China whose economy has been a cause of concern for investors and businesses as of late.
The company said the restructuring could impact more than 20 facilities around the world and across its three large businesses - construction, resources and energy and transportation.
