Finning International Inc T.FTT

FTT Announces C$130 Million Contract

[Georgia_Straight]

Finning Announces C$130 Million Equipment and Parts/Components Contract with Syncrude 11/18/04 VANCOUVER, BRITISH COLUMBIA, Nov 18, 2004 (CCNMatthews via COMTEX) -- Finning International Inc. ("Finning") (TSX:FTT) announced today that its Canadian division, Finning (Canada), has secured a C$130 million equipment and parts/components contract with Syncrude Canada. The contract includes the sale of 11 Caterpillar 797B off-highway trucks and a 9-year parts and components agreement. In addition to the truck fleet, Finning will deliver a number of pieces of Caterpillar mining support equipment including: graders, tailings tractors, dozers, a pipelayer and a compactor. The cost of the total equipment package is about C$70 million. The value of the parts and components agreement is in excess of C$60 million. The new equipment will be used to support Syncrude's oil sands expansion plans in Fort McMurray. Doug Whitehead, president and CEO of Finning said, "The oil sands continue to represent a tremendous growth opportunity for Finning. This transaction further demonstrates Finning's commitment to expanding its presence in this important market." "I am very proud of the long standing relationship we have with Syncrude," said Ian Reid, president of Finning (Canada). "Through Caterpillar, we are committed to providing Syncrude with the finest mining equipment in the world and supporting it with a Finning team that is dedicated to providing unparalleled customer service." Finning International Inc. is one of the world's largest Caterpillar equipment dealers. The Company sells, rents, finances 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 our website at 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. Finning International Inc. Tom Merinsky Vice President, Investor Relations [phone] Email: [e-mail] Website: www.finning.com NEWS RELEASE TRANSMITTED BY CCNMatthews Copyright (C) 2004, CCNMatthews. All rights reserved. © 2004 Stockgroup Media Inc. | Disclaimer