VANCOUVER — Finning International, Canada's largest Caterpillar heavy equipment dealer, is planning to cut 400-500 jobs from its global operations this year in response to a decline in market activity, reports BigNewNetwork.com. Last year, the dealership cut 1,900 jobs in two separate rounds. In November, the company shut 11 facilities in Western Canada, in addition to previously announced 16 closures, to cut costs.
According to the report
"In response to a decline in market activity and to optimize its organizational structure, the global workforce was reduced by approximately 13 percent in 2015. The company is embarking on an additional global workforce reduction of 400 to 500 people by mid-2016," Vancouver-based Finning stated Thursday reporting fourth quarter results.
The company posted $1.52 billion revenue in the fourth-quarter compared to $1.8 billion in the corresponding period in the previous year, a drop of 16 percent. The company posted a net loss of $309-million, or $1.82 per share, for the fourth quarter ended Dec. 31, compared with a profit of $107-million, or 62 cents, a year earlier.
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