By Rajesh Kumar Singh CHICAGO (Reuters) - Caterpillar Inc will close two facilities in Texas and Panama and is also considering shutting its engine manufacturing plant in Illinois as part of a strategy to boost profitability and better handle business cycles, but the move could cut 880 jobs. The plant closures, which were announced internally over the past two months, were confirmed to Reuters by a company spokeswoman on Friday. The struggle led not only to a leadership change, but also resulted in a credit rating downgrade by Moody's. Chastised by the sales slump, the Deerfield, Illinois-based company has embarked upon a restructuring strategy, looking to squeeze more production out of its existing factories, focusing on lean manufacturing, margin expansion and asset efficiency.
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