Reporting a 27% drop in new equipment sales from the second quarter of 2015, Finning International announced an additional workforce reduction of approximately 1,100 people or 8%. These steps, which also include 450 jobs in South America, amount to a global workforce reduction of 1,900 people since the beginning of the year and 2,500 people (1,200 in South America) since the start of the downturn in mid-2013.
“In line with significant steps already taken to adjust to the economic downturn, we took further decisive actions to reduce costs and implement sustainable operational improvements as market conditions weakened in the third quarter,” said Scott Thomson, president and CEO of Finning International. “We also continued to restructure our Canadian branch network.” Finning will exit 11 facilities in western Canada. Combined with the previously announced closure of 16 facilities, the company’s footprint in western Canada will be reduced by more than 20% by mid to late 2016.
Headquartered in Vancouver, British Columbia, Finning is the world’s largest Cat dealer providing service for western Canada, Chile, Argentina, Bolivia, Uruguay, as well as in the United Kingdom and Ireland.