SAINT-GEORGES, QC, June 17, 2014 /CNW Telbec/ - Manac Inc. (TSX: MA)
("Manac"), a North American leader in the design and manufacturing of
specialty trailers, announces today the acquisition of all of the
issued and outstanding shares of Peerless Limited ("Peerless") for
$14.75 million in cash, subject to certain net working capital
Established in Penticton, British Columbia, Peerless is a designer and
manufacturer of highly specialized trailers and chassis for a variety
of industries, including oil and gas, mining, forestry, logging and
construction. Peerless had been operating the Mobile Solution division
of McCoy Corporation (TSX: MCB) since 2004.
"This completes a good first step in Manac's targeted progress and
growth. The reputation of the Peerless brand, its product line, the
quality of the work force and its geographic location fit very well
with our vision and our values. We will now start the implementation of
a well-defined Operating Agenda and capitalize on all of the identified
synergies; and this starts right now." says Charles Dutil, President
and Chief Executive Officer of Manac. "Not only will we provide strong
support to the local leadership team, but Peerless will also profit
from Manac's core strengths, including gaining access to Manac's
know-how and resources which are considered key assets to our success
in the trailer industry." added Charles Dutil.
About Manac Inc.
Manac is the largest manufacturer of trailers in Canada and a leader in
the manufacturing of specialty trailers in North America. The Company
offers a wide range of vans, flatbeds and specialty trailers such as
dumps, low beds, grain hoppers, chip and logging trailers, all of which
are sold in Canada and the United States under the recognized brands
Manac®, CPS®, Darkwing®, UltraPlate® and Liddell Canada®. Manac
services the heavy-duty trailer industry for the highway
transportation, construction, forestry and agricultural sectors and
manufactures its trailers in facilities located in Saint-Georges,
Quebec as well as Oran and Kennett, Missouri.
Manac is listed on Toronto Stock Exchange (TSX : MA). For more
information on Manac, please visit www.manac.ca.
About Peerless Limited
Founded in 1944, Peerless is a highly specialized trailer and chassis
designer and manufacturer for a variety of industries including oil and
gas, mining, forestry, logging and construction. Peerless's innovative
and high quality products are key factors explaining how Peerless has
risen to the rank of premier manufacturer of custom chassis and
oilfield trailers. Peerless offers products under two well-recognized
brands in the heavy haul and custom chassis market: Peerless in Western
Canada and Scona in the United States. The Peerless production facility
is located in Penticton, British Columbia, and has been part of the
McCoy Corporation (TSX: MCB) since 2004. In addition to its Canadian
manufacturing plant, Peerless uses contracted manufacturing facilities
in the Southern U.S.
Forward looking statements
This document may contain forward-looking statements that reflect
management's current expectations regarding future events.
Forward-looking statements are based on a number of factors and include
risks and uncertainties. Actual results may differ from forecast
results. Management assumes no obligation beyond what is required under
the law to update or revise forward-looking statements pursuant to new
information or future events. In particular, no assurance can be given
as to the benefits that Manac will derive from the acquisition of
Image with caption: "Manac Inc. (CNW Group/Manac Inc.)". Image available at: http://photos.newswire.ca/images/download/20140617_C7514_PHOTO_EN_41502.jpg
SOURCE: Manac Inc.
For further information:
President & CEO
Telephone: (418) 228-2018