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UPDATE 1-Caterpillar dealer Finning to cut jobs in Canada, South America

Published 2015-11-12, 08:10 a/m
© Reuters. UPDATE 1-Caterpillar dealer Finning to cut jobs in Canada, South America

(Adds details)
Nov 12 (Reuters) - Canada's Finning International Inc
FTT.TO , the world's biggest dealer of Caterpillar Inc (N:CAT) CAT.N
equipment, said it would cut about 1,100 jobs in Canada and
South America due to weak sales.
The latest cuts bring the total to 1,900 this year, or 13
percent of the company's workforce, Finning said on Thursday.

Finning also said it will shut 11 dealerships in Western
Canada to reduce costs. The company had already announced the
closure of 16 locations in the country.
The company said it will cut at least 450 jobs in Canada,
meaning it would have cut 1,100 jobs in the country this year.
Finning said it will cut about 550 jobs in South America,
bringing the total cuts in the region to 1,200 since mid-2013.
Finning also reported a 10 percent drop in third-quarter
revenue, hurt by a 30 percent drop in sales of new equipment.
The company's net income fell 42 percent to C$33 million
($25 million), or 19 cents per basic share, in the three months
ended Sept. 30.
($1 = C$1.33)

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