A Memorandum of Understanding was signed between the Government of Tamil Nadu and Caterpillar India Ltd. to set up a heavy engineering equipment manufacturing plant near Chennai with a capital investment of Rs 800 crore (173.3 million U.S. dollars). The plant will manufacture heavy engineering equipment which is used in the construction and mining industry. 

Cummins to Cut 500 Jobs Cummins Inc. plans to cut its worldwide work force by 500 employees — about 3.5 percent of its total work force — by the end of this year. Cummins will give eligible employees in the United States until Dec. 11 to decide if they want to participate in a voluntary retirement package, which will include continuation of salary and benefits for nine months.  

Demag Cranes Record Earnings Demag Cranes AG looks back on an overall extremely successful financial year 2007/2008. Despite the increasingly difficult economic environment, the Demag Cranes Group managed once again to consolidate its strong market position and benefit from its competitive and technological edge.  

Kato Dissolves Euro Rigo Japanese crane manufacturer Kato has dissolved its joint venture with Italian mobile crane maker Euro Rigo, blaming the effect of the subprime lending crisis`s impact on the European market. The business was originally a joint venture between Kato and Rigo, with Kato owning 80 percent of the equity.  

Terex Compact Equipment Line Terex Construction offers a dedicated compact equipment line, distributed throughout North America. The compact equipment line includes both Terex-branded compact track loaders, featuring the ASV Posi-Track undercarriage technology, and a portfolio of offerings from Terex, including compact excavators, compact wheel loaders, site dumpers, tractor loader backhoes, light towers, telehandlers, power buggies, and tandem asphalt rollers. The compact equipment line will focus exclusively on the needs of this key market segment.