Finning International Inc T.FTT

Alternate Symbol(s): FINGF

Industrials Industrial Distribution

Finning International Inc. provides caterpillar equipment, parts, services, and performance solutions. The Company’s segments include Canada, South America, UK & Ireland, and Other. The Canadian operations sell, service, and rent mainly caterpillar equipment and engines in British Columbia, Alberta, Saskatchewan, the Yukon Territory, the Northwest Territories, and a portion of Nunavut, and also provide mobile on-site refueling services in provinces of Canada, as well as in Texas, US. The Canadian operations’ markets include mining, construction, conventional oil and gas, forestry, and power systems. The South American operations sell, service, and rent mainly Caterpillar equipment and engines in Chile, Argentina, and Bolivia. The UK & Ireland operations sell, service, and rent mainly Caterpillar equipment and engines in England, Scotland, Wales, Northern Ireland, and the Republic of Ireland. The UK & Ireland operations’ markets include construction, power systems, and quarrying.

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Finning International Inc

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Post by retiredcfon May 24, 2022 10:17am

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Post# 34703448

TD

Finning International Inc.

(FTT-T) C$32.10

Two Mining Fleet Orders Announced Event

Finning announced the award of two large mining contracts, one in western Canada and one in Chile.

Impact: POSITIVE

Although the size of the contracts were not disclosed, both are multi-million-dollar orders, which will add to Finning's installed base and generate product support revenue for 10+ years. We see these contracts as evidence of upcycle demand conditions in mining, and of the company's growing relationship with Codelco.
Finning will deliver primary and ancillary Caterpillar mining fleets to Artemis' Blackwater Gold Project in western Canada, which is targeted to start up in early-2024. The agreement includes the supply of 793F off-highway trucks and hydraulic shovels, plus the provision of product support for a five-year period, with the term extendible by another five years at the customer's option.
Finning will deliver 13 Caterpillar 798AC electric drive off-highway trucks to Codelco's Ministro Hales mine and support the fleet under a 10-year maintenance and repair contract. These trucks will add to the existing Caterpillar fleet at the mine, and are scheduled for delivery in H2/22.