Caterpillar dealer Finning International to cut Canadian workforce by 500

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.

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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.