Academics and consultants often talk about hiring for fit, and Finning , a Caterpillar industrial equipment dealer with operations in Western Canada, South America and the British Isles , certainly lucked out when it hired 21-year-old Kevin Parkes in 1996, right after he earned a business degree from Staffordshire University. “I joined in the parts department, on the shop floor,” Parkes , now CEO, says proudly.
And as Parkes, 50, cheerfully explains, there’s been a logic to his career and the company’s history. Finning was launched in 1933 in Vancouver and grew regionally until 1969, when it went public on the Toronto Stock Exchange. Over the next 30 years or so, it expanded into the U.K., Alberta and South America . Ireland was next, in 2010, then Saskatchewan, where Finning bought Kramer Ltd. in 2015.
The CEO also adroitly analyzes why Finning’s share price has bounced around between $20 and $40 for much of the past two decades. “Our valuation is as low as it’s ever been on the back of a record year,” Parkes says. Many investors assume Finning is a cyclical play. About half its revenues come from mining and another 40% from construction. Some investors have gotten used to buying Finning at about $25 and selling at about $40.
Source: News Formal (newsformal.com)
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