US manufacturing giant Caterpillar announced a major cost-cutting program Thursday that could shutter more than 20 facilities and eliminate more than 10,000 jobs.

Caterpillar, which manufactures heavy industrial equipment, said it will cut 4,000-5,000 jobs by the end of 2016 and could eliminate more than 10,000 positions. The moves are a response to weakness in the mining and energy sectors, two of Caterpillar's core areas.