The manufacturing firm also plans to close down its facility in the Monkstown area over the next 12 months.
Alliance MLA Stewart Dickson called on Minister Simon Hamilton to take action to prevent further similar losses in the future.
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Mr Dickson also confirmed he is seeking an urgent meeting Caterpillar's Northern Ireland Operations Director to see what can be done to help the affected workers.
He said: "Many people across the constituency depend on these jobs and it is particularly shattering given Caterpillar had previously announced a number of job losses last year, and other significant cuts to major companies in the manufacturing sector in recent months.
"There needs to be a clear vision from the Executive, not only for fully supporting the workers, but also what will be done to prevent further similar losses down the line."
(CD/MH)
