BRITISH COLUMBIA

Caterpillar dealer Finning International to cut Canadian workforce by 500

02/19/2015 10:52 EST | Updated 04/21/2015 05:59 EDT
VANCOUVER - Caterpillar dealership Finning International (TSX:FTT) 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 or 62 cents per share, 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 or $1.85 per share. Revenue was up two per cent at $6.9 billion.