Turkey top envoy goes to Niger in bid to secure uranium supplies
The trip comes after Niger’s military government withdrew mining rights from Canadian and French companies to develop uranium deposits.
Finning, Caterpillar’s largest equipment dealer, reported record revenues for the fourth quarter and full-year 2011 on the back of highest-ever equipment sales in each region.
Vancouver-based Finning (TSX:FTT) said revenues increased by 35% to $1.8 billion compared to the same period last year. 2011 revenues were $5.9 billion, up by 29% from 2010.
“We had numerous record setting achievements in the fourth quarter, including best-ever new equipment sales and total revenues from each of our operations. Our strong finish to 2011 capped a year of considerable progress for Finning,” said Mike Waites, president and CEO of Finning International.
Broken down by region, Finning had Q4 revenues of $991 million in Canada, $593 million in South America, and $227 million in the United Kingdom and Ireland.
“Our priorities are to improve profitability in our Canadian operations, successfully integrate the former Bucyrus business, and maintain a strong balance sheet,” added Waites. “We fully intend to drive operating efficiencies, deliver strong earnings growth in 2012, and achieve steady progress towards our 9-10 percent EBIT margin target in 2013.”
Finning acquired the distribution and support business of Bucyrus when Cat bought Bucyrus last year for $USD465 million.
