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.
READ MORE: Shell Canada to reduce oilsands workforce
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.
© 2015 The Canadian Press