Finning International Realigns Canadian Operations to Drive Profitability
VANCOUVER, BRITISH COLUMBIA–(Marketwire – April 9, 2009) – Finning International Inc. (TSX:FTT) announced today that it has realigned Canadian operations and reduced its workforce by 170 positions to improve profitability and advance strategic priorities. These job cuts impact staff at locations across its B.C. and Alberta operations. The company expects to take a restructuring charge of approximately C$4.5 million in the second quarter.
Since the fourth quarter of 2008, Finning has acted quickly to ensure its operations match what is happening in the economic environment. Globally, the company has had to take difficult, but necessary steps to reduce its overall workforce by approximately 8% while reallocating resources to growing areas of the business. To further improve operating efficiencies, the company has also implemented a number of additional cost savings initiatives. It is expected that the company's cost reduction measures will result in annual savings of approximately C$150 million…more at finning.com