Michael McMillan

Michael McMillan leads Toromont Industries as President and CEO, overseeing Canada's largest Caterpillar dealer by territory. Toromont holds the exclusive Caterpillar dealership for Ontario and the Atlantic provinces — covering some of the most economically important regions in Canada, including the Golden Horseshoe industrial corridor, Ontario's mining sector (Ring of Fire), and Atlantic Canada's natural resources. Caterpillar dealerships are highly valuable franchise businesses: the relationship with Caterpillar provides access to the world's leading heavy equipment brand, while the exclusive territory model eliminates dealer-to-dealer competition. Toromont earns revenue from new and used equipment sales, rental, parts, and service — with the higher-margin aftermarket (parts and service) providing recurring revenue throughout the equipment lifecycle. Toromont also operates CIMCO, a refrigeration and industrial heating/cooling business serving arenas, food processing, and industrial facilities. Key stock drivers include Canadian construction and infrastructure spending, Ontario mining activity, Caterpillar equipment pricing and availability, rental fleet utilization, product support (parts and service) revenue growth, federal and provincial infrastructure investment programs, housing construction trends, and CIMCO refrigeration demand.