VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 4, 2014) - Finning International (TSX:FTT) today announced that Marcelo Awad and Nicholas Hartery have been nominated to stand for election to the Company's Board of Directors at the Annual Meeting of Shareholders scheduled to be held on May 13, 2014.
Mr. Awad is an experienced mining industry executive who was previously the president and chief executive officer of Antofagasta Minerals for over seven of his sixteen years with the company. Prior to joining Antofagasta Minerals, Mr. Awad spent eighteen years with Codelco in progressively senior positions in both London and Chile until leaving his position of executive vice president, copper trading and futures in 1996. In London, Mr. Awad was a director of the London Metal Exchange. In 2012, Harvard Business Review ranked Mr. Awad amongst the top 100 CEOs on a global-basis. Mr. Awad serves on the Board and is Chairman of the Investment Committee of Bethia Holding Company, a diversified investment group. He currently serves on the Boards of AC Perforaciones, a drilling services company; Haldeman Mining Company, a copper and gold mining company; Echeverria Izquierdo, a Chilean engineering and construction company; and, SAME Industrial, an environment engineering company. Mr. Awad holds a Civil Engineering degree and is a graduate of Universidad Tecnica del Estado.
Mr. Hartery is Chairman of CRH plc, one of the world's leading building materials companies with operations in 35 countries, where he has been a non-executive director since 2004. From 2000 to 2008, Mr. Hartery was vice president of manufacturing and business operations for Dell Inc.'s Europe, Middle East and Africa operations. Prior to joining Dell, he was executive vice president at Eastman Kodak and previously held the position of president and chief executive officer at Verbatim Corporation in the United States. Mr. Hartery serves on the boards of Musgrave Group, a privately-owned international food retailer, and Eircom, a telecommunications service provider in Ireland. Mr. Hartery is a Chartered Engineer and Fellow of the Institute of Engineers of Ireland. He holds a Bachelor of Engineering (Electrical) and an MBA.
"The nominations of Marcelo Awad and Nicholas Hartery to our Board of Directors is an extension of our commitment to board refreshment through the recruitment of high-caliber candidates that offer a wealth of experience that will serve Finning well in the coming years," said Doug Whitehead, chairman of Finning's Board of Directors. "Mr. Awad's extensive mining industry expertise and Mr. Hartery's wide-ranging business experience combined with their regional perspectives would further strengthen our Board's ability to provide oversight to ensure Finning maximizes sustainable return to its shareholders."
Finning International Inc. (TSX:FTT) is the world's largest Caterpillar equipment dealer delivering unrivalled service to customers for over 80 years. Finning sells, rents and provides parts and service for equipment and engines to help customers maximize productivity. Headquartered in Vancouver, B.C., the Company operates in Western Canada, Chile, Argentina, Bolivia, Uruguay, as well as in the United Kingdom and Ireland.
This report contains statements about the Company's business outlook, objectives, plans, strategic priorities and other statements that are not historical facts. A statement Finning makes is forward-looking when it uses what the Company knows and expects today to make a statement about the future. Forward-looking statements may include words such as aim, anticipate, assumption, believe, could, expect, goal, guidance, intend, may, objective, outlook, plan, project, seek, should, strategy, strive, target, and will. Forward-looking statements in this report include, but are not limited to, statements with respect to: expectations with respect to the economy and associated impact on the Company's financial results; expected revenue; EBIT margin; ROIC; market share growth; expected results from service excellence action plans; anticipated asset utilization, inventory turns and parts service levels; and the expected target range of the Company's net debt to invested capital ratio. All such forward-looking statements are made pursuant to the 'safe harbour' provisions of applicable Canadian securities laws.
Unless otherwise indicated by us, forward-looking statements in this report describe Finning's expectations at April 4, 2014. Except as may be required by Canadian securities laws, Finning does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Forward-looking statements, by their very nature, are subject to numerous risks and uncertainties and are based on several assumptions which give rise to the possibility that actual results could differ materially from the expectations expressed in or implied by such forward-looking statements and that Finning's business outlook, objectives, plans, strategic priorities and other statements that are not historical facts may not be achieved. As a result, Finning cannot guarantee that any forward-looking statement will materialize. Factors that could cause actual results or events to differ materially from those expressed in or implied by these forward-looking statements include: general economic and market conditions; foreign exchange rates; commodity prices; the level of customer confidence and spending, and the demand for, and prices of, Finning's products and services; Finning's dependence on the continued market acceptance of Caterpillar's products and Caterpillar's timely supply of parts and equipment; Finning's ability to continue to improve productivity and operational efficiencies while continuing to maintain customer service; Finning's ability to manage cost pressures as growth in revenues occur; Finning's ability to reduce costs in response to slowing activity levels; Finning's ability to attract sufficient skilled labour resources to meet growing product support demand; Finning's ability to negotiate and renew collective bargaining agreements with satisfactory terms for Finning's employees and the Company; the intensity of competitive activity; Finning's ability to raise the capital needed to implement its business plan; regulatory initiatives or proceedings, litigation and changes in laws or regulations; stock market volatility; changes in political and economic environments for operations; the integrity, reliability, availability and benefits from information technology and the data processed by that technology. Forward-looking statements are provided in this report for the purpose of giving information about management's current expectations and plans and allowing investors and others to get a better understanding of Finning's operating environment. However, readers are cautioned that it may not be appropriate to use such forward-looking statements for any other purpose.
Forward-looking statements made in this report are based on a number of assumptions that Finning believed were reasonable on the day the Company made the forward-looking statements. Refer in particular to the Outlook section of the Company's MD&A. Some of the assumptions, risks, and other factors which could cause results to differ materially from those expressed in the forward-looking statements contained in this report are discussed in Section 4 of the Company's Annual Information Form (AIF).
Finning cautions readers that the risks described in the AIF are not the only ones that could impact the Company. Additional risks and uncertainties not currently known to the Company or that are currently deemed to be immaterial may also have a material adverse effect on Finning's business, financial condition, or results of operations.
Except as otherwise indicated, forward-looking statements do not reflect the potential impact of any non-recurring or other unusual items or of any dispositions, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after the date hereof. The financial impact of these transactions and non-recurring and other unusual items can be complex and depends on the facts particular to each of them. Finning therefore cannot describe the expected impact in a meaningful way or in the same way Finning presents known risks affecting its business.