CONCORD, ON, Aug. 25, 2015 /CNW/ - Armtec LP announced today the entering into of a binding agreement to divest the precast concrete assets located in St-Jean-sur-Richelieu, Quebec. The purchaser is Béton Préfabriqué du Richelieu (BPDR) and consists of the Caron family, the prior owner of the business, Camil Sauvé, the current General Manager and Béton Préfabriqué du Lac, a leading precast concrete company in Quebec and northeastern United States. BPDR will assume substantially all of the assets and employees of the business and substantially all of the existing customer contracts and supplier obligations. In addition to the purchase and sale agreement, Armtec and BPDR have entered into a distribution agreement whereby BPDR will be the exclusive distributor of absorptive and transparent noise wall barriers on behalf of Armtec in the province of Quebec. The transaction is scheduled to close on August 31st.
"We believe the sale of the Quebec precast business will allow Armtec to improve its focus on the precast business in Ontario and the western Canada provinces while continuing to deliver excellent value to its drainage customers coast-to-coast," said Mark Anderson, President & CEO. "We wish our departing employees and new owners success in the future."
"We support management's decision to divest these assets and we look forward to strengthening Armtec's market leading position in drainage and precast concrete solutions in Canada," said Pierre McNeil, COO of Brookfield Capital Partners. Brookfield acquired the assets of Armtec on June 1, 2015.
Armtec is a manufacturer and marketer of a comprehensive range of infrastructure products and engineered construction solutions for customers in a diverse cross-section of industries that are located in every region of Canada, as well as in selected markets globally. These markets include Canada's national and regional public infrastructure markets and private sector markets in agricultural drainage, building construction and natural resources. Armtec operates through a network of offices and production facilities across the country. Armtec operates in two business units: Drainage Solutions manufactures and markets corrugated high- density polyethylene pipe, corrugated steel pipe and other drainage related products including small bridge structures. Precast Concrete Solutions manufactures and markets highly engineered precast systems such as parking garages, bridges, sport venues and building envelopes as well as standard precast products such as steps, paving stones and utility vaults.
SOURCE Armtec LP
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