Heavy construction equipment dealer Finning International Inc. (TSX:FTT) has cut 170 positions in B.C. and Alberta to "improve profitability and advance strategic priorities."
As a result, Finning expects to take a restructuring charge of approximately $4.5 million in the second quarter. Since the fourth quarter of 2008, Finning has reduced its overall workforce by 8%. While it has reallocated resources to growing areas of the business, it has implemented a number of additional costs savings initiatives that will result in annual savings of $150 million.
Continued good demand in the oilsands and growth in the customer support services areas of the business resulted in the realignment of executive positions.
David Primrose was named Finning (Canada)'s executive vice-president of mining. He was most recently senior vice-president of corporate human resources. Andy Bone has been appointed executive vice-president of product support and operations for Finning (Canada). He was most recently president of power systems.
Finning's share price range during the past week: between $12.60 and $13.25; 52-week high: $31.30; 52-week low: $10.10.