OAKVILLE,ON, May 10, 2013 /CNW/ - Vicwest Inc. (the "Company") (TSX: VIC, VIC.DB) today announced that its Westeel division has gained important new
capabilities to serve its global agricultural customers through the
strategic acquisition of PTM Technology of Este, Italy.
A profitable private company founded in 1994, PTM Technology engineers,
designs and manufactures a broad range of automated grain handling
systems including chain, bucket and belt conveyors, grain sampling and
dust collection equipment. PTM's highly engineered, value-added
products complement Westeel's market-leading family of grain storage
systems and enable Westeel to deliver a more comprehensive offering to
its global customer base in over 30 countries.
"Though small in scale, this acquisition is transformational for Westeel
in that it positions us as one of a few integrated, turn-key suppliers
of core grain storage and handling systems in the world with full
control over proprietary intellectual property," said Colin Osborne,
President and CEO of Vicwest Inc. "Not only does this transaction
provide us with our first manufacturing platform in Europe, it is also
a meaningful step in the execution of our stated strategy for growth.
PTM Technology dramatically improves our competitiveness in global
PTM has 30 skilled employees, including extensive engineering
capability, and operates a 41,000 square foot flexible manufacturing
facility with a high degree of plant automation, and integrated
information and proprietary on-line quoting systems. Its current
configuration provides a meaningful opportunity for volume expansion
without significant capital investment.
"Combining our product lines as well as our engineering capabilities
creates significant synergies for both businesses, driving increased
sales, allowing Westeel to capture more margin on international
projects, and offering a more integrated solution to our North American
customer base," said André Granger, President of Westeel. "We are
particularly pleased to welcome Antonio Marchetti, Gigliola Zizioli and
the entire PTM team to Westeel. We have worked side-by-side on customer
projects in the past and these experiences give us full confidence in
our ability to quickly achieve deep product and operational
With its sales and engineering capability in Madrid, newly opened office
in Mumbai, and now PTM, Westeel continues to build critical mass in key
overseas markets, and position itself as one of a handful of companies
that will benefit from the secular trend for continued investment in
post-harvest infrastructure on a global basis.
The acquisition was funded through the Company's revolving credit
facility. Terms of the acquisition were not disclosed.
About Vicwest Inc.
Vicwest Inc. is a leading North American manufacturer and distributor of
engineered storage and handling systems for grain, fertilizer and
liquid storage as well as building construction products for
agricultural, institutional, commercial, industrial and residential
markets. We operate through two strategically aligned divisions:
Vicwest Building Products and Westeel. With approximately 7,000
customers, 1,200 dedicated employees and 34 business partners, the
Company is positioned for growth in domestic and international
markets. Vicwest Inc. is a member of the S&P/TSX SmallCap Index. For
more information, visit www.vicwestinc.com.
Certain statements in this news release constitute forward-looking
statements within the meaning of applicable securities laws.
Forward-looking statements include, but are not limited to,
management's beliefs, plans, estimates, and intentions, and similar
statements concerning anticipated future events, results,
circumstances, performance or expectations that are not historical
facts. Forward-looking statements generally can be identified by the
use of forward-looking terminology such as "outlook", "objective",
"may", "will", "expect", "intend", "estimate", "anticipate", "believe",
"should", "plans" or "continue", or similar expressions suggesting
future outcomes or events. Such forward-looking statements reflect
management's current beliefs and are based on information currently
available to management. Forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially from
those contemplated by such statements. Readers are encouraged to
review the most recently filed Management's Discussion and Analysis and
other disclosure documents filed by the Company with Canadian
securities regulatory agencies and commissions. Readers are cautioned
not to place undue reliance on the Company's forward-looking
statements. The forward-looking statements contained herein are made
as of the date of this press release and except as required by
applicable law, the Company undertakes no obligation to publicly update
or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
SOURCE: Vicwest Inc.
For further information:
President & Chief Executive Officer
Tel: (905) 469-5700
Fax: (905) 825-1090