VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 18, 2008) - Finning International Inc. (TSX:FTT) is celebrating 75 years of success as a Caterpillar dealer. In January 1933, Earl B. Finning incorporated Finning Tractor & Equipment Co. Ltd. in Vancouver with six employees a $50,000 bank loan and a service philosophy that stated "we service what we sell". Today, Finning International is the world's largest Caterpillar dealer - a publicly traded corporation with over $5 billion of revenue and 13,000 employees working in six countries, on three continents.
"This is a proud occasion and an important milestone for Finning and Caterpillar," said Doug Whitehead, president and CEO of Finning International Inc. "Our long track record of success is founded on the hard work and unrivalled customer service provided by thousands of employees who have worked for Finning over the decades. We have a proud tradition of great people providing customers with great solutions and achieving great results. The same dedication to service excellence will drive our success for the next 75 years."
"Finning has a long and successful history and our products and services have never been in greater demand," said Ian Reid, president of Finning (Canada). "We are proud of our achievements, and the long-standing relationships our people have built with our customers over the years. It's our commitment to customer service that differentiates Finning from others and positions us as a leader in our industry."
Milestones in Finning's history 1925 Caterpillar Tractor Co. founded 1933 Finning Tractor & Equipment Co. incorporated on January 4 1969 Goes public - common shares trade on the Toronto Stock Exchange 1977 Becomes the Caterpillar dealer for the Yukon 1983 Acquires Bowmaker and Caledonian, two Caterpillar dealerships in the U.K. 1989 Acquires R. Angus, the Caterpillar dealership in Alberta & western NWT 1993 Acquires Gildemeister, the Caterpillar dealership in Chile 1996 Acquires Leverton, the remaining Caterpillar dealer in the U.K. 2001 Acquires Hewden, the equipment rental and related services business in the U.K. 2002 Acquires Distribuidora Perkins (Diperk), exclusive distributor for Perkins engines and F.G. Wilson generators in Chile 2003 Acquires the Caterpillar dealerships in Argentina, Bolivia and Uruguay 2004 Secures the distribution rights for Perkins engines in the U.K. Invests in OEM Remanufacturing - a world-class component rebuild facility in Edmonton. 2005 Awarded a 25% interest in a new global Caterpillar dealership for pipeline equipment, Pipeline Machinery International 2007 Secures distribution rights for new territories for MaK engines in North & South America Delivers 100th 797 haul truck to the Alberta oil sands. 2008 Acquires Collicutt Energy Services in Red Deer, Alberta 2008 Finning celebrates 75 years as a Caterpillar dealer and business partner
Finning International Inc. is the world's largest Caterpillar equipment dealer. The Company sells, rents and provides customer support services for Caterpillar equipment and engines in Western Canada, the U.K., and South America (Argentina, Bolivia, Chile and Uruguay). Headquartered in Vancouver, British Columbia, Canada, Finning International Inc. is a widely held, publicly traded corporation, listed on the Toronto Stock Exchange (symbol FTT). For additional information please visit www.finning.com.
This release may contain forward-looking statements and information, which reflect the current view of Finning International Inc. with respect to future events and financial performance. Any such forward-looking statements are subject to risks and uncertainties and Finning's actual results of operations could differ materially from historical results or current expectations. Finning assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein do not materialize.
Refer to Finning's annual report, management information circular, annual information form and other filings with the Ontario Securities Commission and Toronto Stock Exchange for further information on risks and uncertainties that could cause actual results to differ materially from forward-looking statements contained in this report.
FOR FURTHER INFORMATION PLEASE CONTACT:
Finning International Inc.
Vice President, Investor Relations
(604) 691-6440 (FAX)