Finning swings to loss; to cut 400 to 500 more jobs

catBy Reuters

Canada’s Finning International Inc, the world’s biggest dealer of Caterpillar Inc equipment, posted a lower-than-expected quarterly profit and said it would cut more jobs.

The company, which cut 13 per cent of its global work force last year, said it would cut another 400-500 jobs by mid-2016.

Finning had about 14,500 employees as of Dec. 31, 2014.

Shares of the Vancouver-based company were down 7.4 per cent at $17.29 in early trade.

Caterpillar, the world’s largest maker of construction and mining equipment, has been hit by weak mining, drilling and construction activity around the world.

Finning in November shut 11 facilities in Western Canada, in addition to previously announced 16 closures, to cut costs.

Read more » The Globe And Mail
See more » http://www.theglobeandmail.com/report-on-business/finning-swings-to-loss-to-cut-400-500-more-jobs/article28794252/

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