Toromont Industries Ltd.
TSX : TIH

Toromont Industries Ltd.

March 30, 2006 15:26 ET

Toromont Wins Mandate to Serve De Beers' First Ontario Diamond Mine

TORONTO, ONTARIO--(CCNMatthews - March 30, 2006) - Toromont Industries Limited (TSX:TIH) announced today that its Toromont CAT division has been selected to supply the equipment and power systems needs of the De Beers Canada Victor Project in northeastern Ontario - the province's first diamond mine.

"After thoroughly reviewing our competitive choices, we decided Toromont was the best choice based on their ability to serve the unique requirements of northern mining and their commitment to the people of northern Ontario," said Tony George, Mine Manager.

As part of the multi-year agreement, Toromont is providing six high efficiency, low emission 1.3 megawatt Arctic-grade power modules, 18 Caterpillar machines to be tasked for mine excavation and road maintenance, and smaller tools for construction. The total value of this order is approximately Cdn$19 million, with equipment valued at just over $6 million slated for delivery in 2006 and the balance scheduled for delivery through to early in 2008. Product support will be provided on all power and mobile equipment. Further, an on-site parts and service depot is expected to open in 2007.

"The Victor Project puts Ontario on the map globally as a producer of high quality diamonds and we are extremely proud to play a technical role in its development," said Hugo Sorensen, President and Chief Executive Officer.

Toromont Industries Ltd. operates through two business segments: The Equipment Group and the Compression Group. The Equipment Group includes one of the world's largest Caterpillar dealerships by revenue and geographic territory in addition to industry leading rental operations. The Compression Group is a North American leader specializing in the design, engineering, fabrication and installation of compression systems for natural gas, fuel gas and carbon dioxide in addition to process systems and industrial and recreational refrigeration systems. Both groups offer comprehensive product support capabilities. Toromont employs approximately 4,400 people in more than 115 locations. This press release and more information about Toromont Industries can be found on the Web at www.toromont.com.

Contact Information

  • Toromont Industries Ltd.
    Hugo T. Sorensen
    President & Chief Executive Officer
    (416) 667-5527
    or
    Toromont Industries Ltd.
    Paul R. Jewer
    Vice President Finance and Chief Financial Officer
    (416) 667-5638