VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 3, 2016) - Finning International Inc. (TSX:FTT) is pleased to announce the appointment of Vicki Avril to the company's Board of Directors.
Ms. Avril brings exceptional management and leadership experience to Finning with over 30 years in the pipe and steel manufacturing industries as well as extensive knowledge of accounting and finance matters through her experience as a chief financial officer for various public companies.
"On behalf of the Board of Directors, I am delighted to welcome Vicki to our Board," said Mike Wilson, chair of Finning's Board of Directors. "Vicki is an accomplished leader, and her insights and experience enhance the breadth of talent and diversity of our Board, particularly in the areas of financial expertise, strategic growth, business transformation and corporate governance. We believe that Finning and its stakeholders will deeply benefit from her demonstrated and relevant industry experience."
From 2008 to 2013, Ms. Avril served as president and chief executive officer of IPSCO Tubulars Inc., which is the American division of TMK, a global pipe manufacturer and supplier of steel pipe for the oil and gas industry. Prior to her appointment as CEO, Ms. Avril held several executive positions with the company, including senior vice president IPSCO Tubular Operations, IPSCO Inc. and senior vice president and chief financial officer of IPSCO Inc. She previously served as senior vice president and chief financial officer for Wallace Computer Services, Inc. and held various financial and strategy roles at Inland Steel Industries, including CFO, treasurer and head of corporate planning.
Ms. Avril currently serves on the boards of Commercial Metals Company, Global Brass and Copper Holdings, Inc. and Greif, Inc.
Ms. Avril has a Master of Business Administration's degree in Finance from the University of Chicago and a Bachelor of Science in Accounting from the University of Illinois in Champaign, Illinois.
As a result of this appointment, Finning's Board membership will be increased to thirteen directors.
ABOUT FINNING
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 services for equipment and engines to help customers maximize productivity. Headquartered in Vancouver, B.C., the Company operates in Western Canada, Chile, Argentina, Bolivia, the United Kingdom and Ireland.
FORWARD-LOOKING DISCLAIMER
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: delivery of improved results when demand normalizes; free cash flow; order backlog; results of operational improvements and restructuring actions; product support activity for the balance of the year; expectations that the Canadian operation will achieve its targeted cost savings by the end of the year and EBIT margin range; the Canadian operation's improvement in profitability from alignment of the cost structure and operational excellence agenda; product support activity in mining in South America; cost savings from restructuring initiatives in the UK and Ireland operations; and transformation of the business model in the UK and Ireland operations to deliver a sustainable improvement in operating performance. 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 reflect Finning's expectations at November 3, 2016. 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 its products and 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 revenue occurs; Finning's ability to reduce costs in response to slowing activity levels; Finning's ability to attract sufficient skilled labour resources as market conditions, business strategy or technologies change; 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 and availability of, 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. 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 current AIF and in the annual MD&A for the financial risks.
Finning cautions readers that the risks described in the MD&A and 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 of this report. 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.
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