VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 5, 2005) - Finning International Inc. ("Finning") (TSX:FTT) announced that the hourly employees of its Canadian division, Finning (Canada), represented by the International Association of Machinists and Aerospace Workers - Local Lodge 99 ("IAMAW"), have approved a new three-year collective agreement. The agreement covers Finning operations in Alberta and the Northwest Territories and expires on April 30, 2008.
The new agreement provides for a wage increase of 4.5 percent in year one, and 4 percent in each of years two and three, retroactive to May 1, 2005. The settlement also provides improvements in allowances, shift premiums and pension benefits.
The ratified agreement retains management's right to contract out work and establishes guiding principles for contracting out decisions and the rights of directly affected employees.
Finning's 1,070 hourly workers in Alberta and the Northwest Territories have been on strike since October 20 and return to work today. Finning (Canada) operations in B.C. and the Yukon Territory operate under a separate collective agreement and have not been affected by this labour action.
Finning International Inc. is one of the world's largest Caterpillar equipment dealers. The Company sells, rents, finances and provides customer support services for Caterpillar equipment and engines in Western Canada, the U.K., and South America (Argentina, Bolivia, Chile and Uruguay). Finning also owns Hewden, the largest equipment rental business in Europe. Headquartered in Vancouver, British Columbia, Canada, Finning International Inc. is a widely held, publicly traded corporation, listed on the Toronto Stock Exchange (symbol FTT).
This release may contain forward-looking statements and information, which reflect the current view of Finning International Inc. with respect to future events and financial performance. Any such forward-looking statements are subject to risks and uncertainties and Finning's actual results of operations could differ materially from historical results or current expectations. Finning assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein do not materialize.
Refer to Finning's annual report, management information circular, annual information form and other filings with the Ontario Securities Commission and Toronto Stock Exchange for further information on risks and uncertainties that could cause actual results to differ materially from forward-looking statements contained in this report.
FOR FURTHER INFORMATION PLEASE CONTACT:
Finning International Inc.
Vice President, Investor Relations
(604) 331-4899 (FAX)