Rock to Road

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Finning to cut work force


February 20, 2015
By Rock to Road

Feb. 20, 2015 – Finning International is cutting its workforce in Canada
by about 500 employees due to soft market conditions, President and CEO
Scott Thompson said in the Finning 2014 results. Thomson blamed
lower-margin mining parts and lower gross profit from rental for fourth
quarter earnings were weaker than expected.

Feb. 20, 2015 – Finning International is cutting its workforce in Canada by about 500 employees due to soft market conditions, President and CEO Scott Thompson said in the Finning 2014 results. Thomson blamed lower-margin mining parts and lower gross profit from rental for fourth quarter earnings were weaker than expected.

"Our focus on cost and capital management will be integral to managing through the current lower oil price environment in Canada," continued Mr. Thomson. "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. As part of our efforts to reduce costs in Canada, 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."

For more information, go to http://www.finning.com/Investors/News-Releases/News-Releases-Details/2015/Finning-Reports-Q4-and-Annual-2014-Results/default.aspx.

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