Finning plans major cost cuts

Article Abstract:

Finning International Inc. of Vancouver, Canada, one of the world's largest dealers of Caterpillar heavy equipment, has announced that due to low commodity prices it will initiate cost-reduction measures that could result in lay offs in Canada, Britain and Chile. The company, which has a worldwide workforce of about 5,400, including 2,500 in Canada, said details of the program will be disclosed on Oct. 13, 1998, when it releases its third-quarter results. Finning also told analysts that the quarter results may include onetime charges that would cause the company's profit to fall below the forecast of around 15 cents a share.

Comment:

Announces that it will initiate cost-reduction measures that could result in lay offs in Canada, UK & Chile

Strategy & planning, Machinery, Equip & Supplies Whsle, Machinery, Equipment, and Supplies Wholesalers, Article

---

Homestake to acquire Argentina gold

Article Abstract:

Argentina Gold Corp. will be acquired by Homestake Mining Co. in a C$300-million all-stock transaction. Homestake will pay 0.545 share of its stock for each Argentina Gold share, placing the value of Argentina Gold at $7.81 per share. The deal would give Homestake a 60% stake of the Verdadero gold project in Argentina. Argentina Gold will pay Homestake Mining a breakup fee of $12 million if it decides to accept another offer. It earlier rejected a C$5-per-share takeover bid from Barrick Gold Corp.

Gold Mines, Gold Ore Mining, Gold mining, Argentina Gold Corp.

---

Finning to acquire British rental firm for $700-million

Article Abstract:

Finning International Inc. has reached a deal to acquire Hewden Stuart PLC of Britain. The deal is valued at C$700 million.

United Kingdom, Foreign operations, Motor Vehicle Dealers, Motor Vehicle and Parts Dealers, Misc. Equipment Rental & Leasing, Equipment Leasing & Rental, Rental and Leasing Services, New and used car dealers, Mergers, acquisitions and divestments, Automotive dealers, Industrial equipment and supplies industry, Industrial equipment industry, Lease and rental services industry, Lease and rental services, Automobile dealers, Equipment rental, Hewden-Stuart PLC

Similar abstracts:

• Abstracts: AEC bids for rest of pipeline. EnerMark to acquire Cabre. Shareholder abandons bid for Hurricane
• Abstracts: RIM profit plummets as marketing costs jump. RIM's sales nearly triple in first quarter. RIM profit beats analysts' forecasts
• Abstracts: Ventra plans to sell five Ontario plants. Johnson to close Ont. plant. GM to invest $400-million in plant
• Abstracts: RIM shares ripen up. RIM shares take pounding. Geac soars 21% as loan payment creates optimism
• Abstracts: Stentor alliance 'unravelling.' Newbridge unveils major restructuring. Group Telecom eyes purchase of Videotron telecom unit

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.