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Caterpillar says to close facilities, could affect 880 positions

March 16 (Reuters) - Caterpillar Inc said on Friday it will close two facilities and is contemplating the closure of its engine manufacturing plant in Illinois, which could potentially result in about 880 job losses.

The restructuring, part of the heavy equipment maker's overall strategy to boost profitability and make itself better able to manage business cycles, will affect its work tools facility in Waco, Texas, and its demonstration center in Panama, a company spokeswoman told Reuters.

The work at the Texas facility will be shifted to Wamego, Kansas, affecting 200 regular and contract positions, she said. (Reporting by Rajesh Kumar Singh in Chicago Editing by Matthew Lewis)