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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.


TSX:FTT - Post by User

Finning International Inc
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Post by retiredcfon Sep 27, 2022 10:08am
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Post# 34989118

RBC

RBC

September 26, 2022

Finning International Inc.
Announces CEO transition: Kevin Parkes to take over as CEO

TSX: FTT | CAD 24.07 | Outperform | Price Target CAD 44.00

Sentiment: Neutral

Event: Finning announced that Scott Thomson, the company's President and CEO, will retire from the company and its Board of Directors effective November 15, 2022. Kevin Parkes, Finning's current COO, was announced as the company's new CEO effective November 16, 2022.

Our view: In our view, Mr. Parkes is well positioned for his new role given his long tenure and strong track record of performance with the company which has included his roles as Managing Director of Finning U.K. & Ireland, President of Finning Canada (from 2019 to 2022), and as COO since April of this year. We had the opportunity to spend some time with Finning's management team (Scott Thomson, Kevin Parkes, and Greg Palaschuk) over a few days of investors meetings and at the RBC E&C and Infrastructure Conference. During that time, Mr. Parkes highlighted the progress Finning has made over the recent years on the operational front, which has driven strong results and has positioned the company well to perform through the cycle. See link here for our note recapping management commentary during the investor meetings and from the fireside chat at the RBC E&C and Infrastructure conference.


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