TORONTO, Aug. 31 /CNW/ - Samuel Manu-Tech Inc. (TSX - SMT) ("Samuel"), a
leading North American industrial products and technology company, today
reported that it has acquired the principal assets and all of the business
operations of Piling Products, Inc. ("PPI"), a Florida based distributor of
hot rolled and cold formed steel sheet piling.
This strategic acquisition extends Samuel's existing Roll Form Group
sheet piling business and provides sales coverage in the southern U.S. states,
giving the Roll Form Group coast-to-coast sales coverage. Established in 1984,
PPI has achieved a leading position in the Florida sheet piling sales and
rental market and throughout the surrounding southern U.S. states. Annual
sales for the company's most recently completed fiscal year ended March 31,
2009 approximated U.S. $12 million.
The purchase price is U.S. $12.6 million plus a potential earn-out
payment not to exceed U.S. $2.2 million. Management expects this acquisition
to be accretive to earnings in its first full year of operations. Existing
senior management will continue with the business. Funding for the acquisition
came from Samuel's existing revolving credit facility.
"We are excited to welcome Piling Products, their management and
employees to our group of companies. We consider them to be a positive
strategic addition to our Roll Form Group", commented Samuel's Chairman and
Chief Executive Officer, Mark Samuel. "Samuel Manu-Tech continues to seek out
positive strategic acquisitions in the midst of these unprecedented economic
circumstances", Mr. Samuel added.
Samuel Manu-Tech Inc. is a leading North American industrial products and
technology company producing a wide range of steel, plastic and related
industrial products and services from locations in Canada, the United States
Forward looking information
Some of the statements contained in this release are forward-looking
statements, such as estimates and statements that describe the Company's
future plans, objectives or goals, including words to the effect that the
Company or management expects a stated condition or result to occur. Since
forward-looking statements address future events and conditions, by their very
nature, they involve inherent risks and uncertainties. Actual results in each
case could differ materially from those currently anticipated in such
statements. We do not intend to update this information and disclaim any legal
obligation to the contrary.
For further information:
For further information: John D. Amodeo, Vice President and Chief
Financial Officer, Samuel Manu-Tech Inc., 185 The West Mall, Suite 1500,
Toronto, Ontario, M9C 5L5, Tel: (416) 626-2190, Email Address: