TORONTO, March 8 /CNW/ - Husky Injection Molding Systems Ltd. ("Husky")
today announced that it has initiated a review which will include the
possibility of a sale of part or all of the Company's shares or a strategic
combination with another business. This review is based on Robert Schad's
decision to consider a sale of his shares. However, there is no assurance that
this review will result in any specific strategic or financial transaction.
The Company has engaged Citigroup Global Markets as its financial advisor.
"Over the past decade, we have made substantial investments to develop
our leading technology platform, expand our markets and distribution network,
improve our operations, and build a strong management team," said Robert
Schad, Husky's founder, Chairman of the Board and largest shareholder. "While
Husky's competitive position has become stronger as a result, we do not
believe that this position is reflected in our current market valuation."
"Husky has reached an important point in its evolution," said John Galt,
President and Chief Executive Officer. "At this point it makes sense for us to
consider Husky's future, and to do so on the basis of a strong position in the
market. I am therefore in full support of this initiative, as is Husky's
Husky Injection Molding Systems Ltd. (www.husky.ca) is a leading global
supplier of injection molding equipment and services to the plastics industry.
The Company has more than 40 service and sales offices, supporting customers
in more than 100 countries. Husky's manufacturing facilities are located in
Canada, the United States, Luxembourg and China. The Company's common shares
(HKY) are listed on the Toronto Stock Exchange.
For further information:
For further information: International Headquarters: (905) 951-5000;
Dirk Schlimm, Vice President, Corporate Affairs, Husky Injection Molding
Systems, Tel. (905) 951-5051, E-mail: email@example.com, Web site: