UPDATE 2-Big Caterpillar dealer Finning to cut more jobs, shut outlets

Thu Nov 12, 2015 10:05am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* To cut 1,100 more jobs, close another 11 locations

* Company is world's biggest Caterpillar dealer

* Reports smaller-than-expected 3rd qtr revenue, profit

* Shares drop 13 pct; Caterpillar down 2.7 pct (Adds details, background, estimates, shares)

By Shubhankar Chakravorty

Nov 12 (Reuters) - Canada's Finning International Inc , the world's biggest dealer of Caterpillar Inc equipment, said on Thursday it would cut another 1,100 jobs in Canada and South America and close 11 Canadian locations due to weak sales.

The latest job cuts bring the total to 1,900 this year, or 13 percent of the company's global workforce.

Vancouver-based Finning also reported lower-than-expected quarterly revenue and profit as its customers in the mining, energy and construction industries cut spending.

Finning shares fell more than 13 percent to C$17.33 in early trading on the Toronto Stock Exchange.   Continued...