Finning International, a Canadian company, has announced that it will be cutting out 500 position sin 2015 although the exact specifics of the jobs that will be lost have not been detailed yet. These 500 jobs represent roughly 9% of the Canadian workforce that the company has. So far is is still not clear how many of the positions that will be cut will be in the oilsands or in the Alberta region. Finning International is the largest Caterpillar truck dealer in Canada, and the company initially started out in the forestry industry before expanding into mining and other sectors. The company announced that the layoffs would take place last week at the same time as the fourth quarter results for the business were released to the public.

The CEO of Finning International, Scott Thomson, discussed cutting positions in the report which said in part “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. While this is a difficult decision, it is a necessary step to adjust to expected business levels.” 2014 was a profitable year for Finning International according to the released report, and the company had fourth quarter earnings listed of $107 million. The entire $318 million profit for 2014 was still a 5% decrease from 2013. Many companies are starting to scale back as a result of lower oil prices and less revenue, Finning International is just the latest to announce their plans in this direction.