Close X
Friday, November 29, 2024
ADVT 
National

Finning To Cut Global Workforce By Eight Per Cent, Close 11 Locations In Canada

Darpan News Desk The Canadian Press, 12 Nov, 2015 12:14 PM
    VANCOUVER — Finning International, the world's largest Caterpillar heavy equipment dealer, has announced it will lay off 1,100 people in several countries, representing eight per cent of its workforce.
     
    The job cuts will include 440 people in Western Canada, 550 in South America and a smaller number in Europe where the Vancouver-based company has operations in the United Kingdom and Ireland.
     
    Combined with previous downsizing efforts, Finning is on track to cut its global workforce by 1,900 in 2015, including 1,100 in Canada.
     
    Finning also said Thursday that 11 locations in Western Canada will close, on top of 16 shutdowns that were previously announced.
     
    "While these are difficult decisions, we believe we are taking the right path to adjust our business to market realities and ensure financial strength, while simultaneously positioning Finning to deliver customer service more effectively and efficiently over the long-term," CEO Scott Thomson said in a statement Thursday.
     
    Finning sells heavy equipment used in the mining and energy sectors, which have been hit by a sustained drop in commodity prices.
     
    In its latest results released Thursday, the company said new-equipment sales dropped by 27 per cent between its second quarter and its third quarter ended Sept. 30.
     
    The third-quarter financial report also showed that revenue was down 10 per cent from a year earlier to $1.5 billion from $1.67 billion. Net income fell 42 per cent to $33 million from $57 million. But free cash flow, which is what's left after providing for servicing debt, increased 28 per cent to $140 million from $109 million.
     
    "Our focus on managing the factors within our control has contributed to preserving a strong balance sheet and allowed us to improve profitability in our Canadian operations on a quarter-by-quarter basis throughout 2015 despite a very challenging business environment," Thomson said.
     
    "Being able to achieve these outcomes under current market conditions gives me confidence that we will be well-positioned when demand strengthens."

    MORE National ARTICLES

    Man Launches Human Rights Complaint In Saskatchewan Over Pot Dispensary Bust

    Man Launches Human Rights Complaint In Saskatchewan Over Pot Dispensary Bust
    A man has launched a complaint with the Saskatchewan Human Rights Commission over a police raid on a Saskatoon medical marijuana dispensary.

    Man Launches Human Rights Complaint In Saskatchewan Over Pot Dispensary Bust

    Whooping Cough Cases Up In Manitoba, Officials Blame Drop In Vaccinations

    Whooping Cough Cases Up In Manitoba, Officials Blame Drop In Vaccinations
    Areas near Morden, Winkler, Emerson, Altona, Morris and Niverville have seen a combined 40 cases of the infectious disease this year.

    Whooping Cough Cases Up In Manitoba, Officials Blame Drop In Vaccinations

    Flight Pass: Liberals Allow Stephen Harper To Fly Home On VIP Jet Challenger

    Flight Pass: Liberals Allow Stephen Harper To Fly Home On VIP Jet Challenger
    He pulled up for the first meeting of the opposition Conservative caucus in a basic minivan, but Stephen Harper flew home in style

    Flight Pass: Liberals Allow Stephen Harper To Fly Home On VIP Jet Challenger

    Canadian Pacific Train Derails In Wisconsin, Spills Oil; 2nd Consecutive Day With Derailment

    Canadian Pacific Train Derails In Wisconsin, Spills Oil; 2nd Consecutive Day With Derailment
    A Canadian Pacific Railway train derailed Sunday, spilling less than 1,000 gallons of crude oil and prompting evacuations in Wisconsin, the second day in a row a freight train derailed in the state.

    Canadian Pacific Train Derails In Wisconsin, Spills Oil; 2nd Consecutive Day With Derailment

    Former Industry Minister James Moore Joins Vancouver Office Of Global Law Firm

    He has joined Dentons, an international law firm with offices across North America, Europe, the Middle East, Africa and the Asia-Pacific.

    Former Industry Minister James Moore Joins Vancouver Office Of Global Law Firm

    RCMP To Honour 20 People For Bravery In Oct. 22 Storming Of Parliament Hill

    RCMP To Honour 20 People For Bravery In Oct. 22 Storming Of Parliament Hill
    The national police force will make the presentations during a private Nov. 23 ceremony at RCMP headquarters.

    RCMP To Honour 20 People For Bravery In Oct. 22 Storming Of Parliament Hill