The same day third-quarter results revealed a 12 per cent slide in revenues, Finning announced it will close its Centre of Excellence facility in Red Deer in early 2017.

The roughly 200 affected employees were told Thursday morning.

Company spokeswoman Hillary Anaka said there are no specifics yet on job losses but Finning will, "do its best to retain and relocate as many employees as possible."

"By redistributing activity from the [Centre of Excellence] to other locations, we will be able to make more efficient use of our facilities across our network and improve customer service delivery," she said in a statement.

"It's important to note we are not leaving the community as we have a customer-facing branch in Red Deer that will continue to serve customers in the area. This was a difficult decision and we are doing our best to retain and relocate as many employees as possible."

The closure of the facility is disappointing, said Bradley Williams, president of the Red Deer District Chamber of Commerce.

"We hate to see something like that happen in our community, but it isn't entirely surprising given that the facility focused on work being done for the oilsands and the equipment related to that," he said.

"When you have 200 people who will be potentially losing their jobs early in 2017, that's a big impact. That's a significant chunk of our local workforce. And not only does it hurt those people, but there's the trickle down effect on all the businesses in Red Deer."

Drop in revenue

The company's Q3 report blames the drop in revenue on "lower product support revenues in Canada and South America, as well as lower new equipment sales in Canada."

"Product support declined by 13 per cent, driven mostly by lower parts sales in the non-mining sectors in Canada and lower parts and service revenues in South America's mining industry," it reads.

"New equipment sales decreased by nine per cent due to timing of equipment deliveries in the oil sands, as well as weaker market activity in Alberta and Saskatchewan."

In February, the company announced it will cut 400 to 500 jobs from its global operations, in addition to 1,100 cuts announced last year, in two separate rounds of downsizing.