Alliance strengthens services for customers that have assets across
TSX Symbol: WJX
TORONTO, Feb. 21, 2013 /CNW/ - Wajax Industrial Components ("WIC"), a division of Wajax Corporation and Kaman Industrial Technologies
Corporation ("Kaman") of Bloomfield Connecticut, two of North America's leading industrial
distributors announced today that they have formed a strategic
alliance, strengthening the services offered to customers that have
business assets in the U.S., Canada, Mexico and Puerto Rico. While
each of WIC and Kaman will remain as separate and independent entities,
they will join forces to compete for business-to-business and supply
agreements with customers in multiple jurisdictions, providing an
alternative to country-based supply agreements. The alliance will
operate under the name Sourcepoint Industrial.
"We're expecting more and more customers to make purchasing decisions on
a global or international basis," said Mark Foote, Wajax Corporation's
President and Chief Executive Officer, referring to the business trends
which led to the alliance. "Whereas Wajax is very good at satisfying a
customer's Canadian needs, and Kaman is very good at satisfying a
customer's U.S. needs, on our own, we each have a limited ability to
cover a customer's needs across both countries. This alliance will
provide customers with a viable option that has unique strengths on
either side of the border."
"Historically, North American customers have had a limited choice for
suppliers of their power-transmission and motion-control products,"
added Steve Smidler, Kaman's President. "This alliance gives customers
an alternative, and an opportunity to benefit from both companies'
Wajax Corporation is a leading Canadian distributor and service support
provider of mobile equipment, power systems and industrial components.
Reflecting a diversified exposure to the Canadian economy, its three
distinct core businesses operate through a network of 126 branches
across Canada. Its customer base spans natural resources, construction,
transportation, manufacturing, industrial processing and utilities.
Wajax Corporation's common shares are listed and traded on the Toronto
Stock Exchange under the symbol "WJX".
Wajax Industrial Components, a wholly-owned division of Wajax
Corporation, operates a total of 65 branches and 13 certified service
and repair centers across Canada.
Kaman Industrial Technologies Corporation
Kaman Industrial Technologies is a leading distributor of industrial
parts, and operates more than 200 customer service centers, 18
fabrication and assembly shops as well as five distribution centers
across the U.S., Mexico and Puerto Rico. Kaman Industrial Technologies
Corporation is a subsidiary of Kaman Corporation. Kaman Corporation
(NYSE: KAMN), founded in 1945 by aviation pioneer Charles H. Kaman, and
headquartered in Bloomfield, Connecticut conducts business in the
aerospace and industrial distribution markets.
SOURCE: Wajax Corporation
For further information:
Mark Foote, President and Chief Executive Officer
John Hamilton, Chief Financial Officer
Telephone #: (905) 212-3300