Finning is the world's largest Caterpillar dealer, and announced the cuts despite a profitable year in 2014
VANCOUVER—Caterpillar dealership Finning International says it will reduce its Canadian workforce by roughly nine per cent or about 500 people.
The Vancouver-based company said it’s taking the steps to reduce costs in a soft market.
Finning is the world’s largest Caterpillar dealer, selling heavy equipment in several countries.
The job cuts follow a drop in commodity prices in recent months and cuts to spending plans by the mining and energy companies that use heavy equipment.
The job cuts were announced along with Finning’s latest financial report, which showed it had a profitable year in 2014.
The company earned $107 million in its fourth quarter, up 15 per cent from a year ago. Revenue was up less than one per cent at $1.8 billion.
For the full year, Finning’s profit was down five per cent at $318 million. Revenue was up two per cent at $6.9 billion.