TORONTO, Feb. 27 /CNW/ - Samuel Manu-Tech Inc. (SMT-TSX) ("Samuel") today
announced that it has acquired the assets and all business operations of Omega
Joists Inc. ("Omega"). The company is a recognized leader in the design,
engineering, manufacturing and supply of open web steel joists used primarily
in the commercial and industrial building products industry in Western Canada.
This acquisition complements Samuel's existing roll forming capability at its
Roll Form Group operations in Edmonton, Alberta, Mississauga, Scarborough and
Cambridge, Ontario and in Iuka, Mississippi.
Omega was founded in 1985 and has manufacturing operations based in
Nisku, Alberta, and sales offices in Surrey, British Columbia, Calgary,
Alberta and Winnipeg, Manitoba. Annual sales of Omega approximated Cdn $24
million in its most recently completed fiscal year ended April 30, 2007. The
company employs approximately 65 people.
The transaction is structured as a purchase of the principle assets of
Omega Joists Inc. The purchase price is Cdn $27 million, subject to certain
adjustments for working capital items. Management expects this acquisition to
be accretive to earnings in its first full year. Funding for the acquisition
came from Samuel's existing revolving credit facilities.
"We are excited to welcome Omega Joists, their management and employees
to our group of metal processing companies," commented Samuel's Chairman and
Chief Executive Officer, Mark Samuel. "We consider this to be a great fit with
our roll form operations, allowing us to package the sale of open web steel
joists with our existing deck, siding and other building products."
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
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
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, www.samuelmanutech.com, Email