Caterpillar Closing Five Plants, Laying Off Hundreds

Caterpillar said Thursday it will close five U.S. plants and shed about 820 positions as the construction-equipment maker continues to scale back its production and workforce in response to falling demand.

The cutbacks are part of a strategy outlined by the Peoria, Ill.-based company in September to trim its workforce by about 10,000 positions and close or consolidate about 20 facilities through 2018.…