Finning’s Vancouver branch to cut 500 workers in Canada – BiV

February 23, 2015

Finning International will cut 500 employees this year, representing 9% of the company’s Canadian workforce, because of “soft market conditions.”

Finning is headquartered in Vancouver. The company got its selling equipment for the forestry industry, but in recent years mining and oil and gas have become important sectors for Finning.

“In order to maintain profitability during soft market conditions, we are taking steps to align our cost base and invested capital to reduced demand, similar to the actions we took in South America a year ago,” said Scott Thomson, CEO of Finning International, in the company’s fourth quarter report.

“As part of our efforts to reduce costs inCanada, we will reduce our workforce by about 500 employees – roughly 9% of our Canadian workforce. While this is a difficult decision, it is a necessary step to adjust to expected business levels.”

Read More: http://www.mining.com/web/finnings-vancouver-branch-to-cut-500-workers-in-canada/