BOUCHERVILLE, QC, Dec. 23 /CNW Telbec/ - Construction products fabricator Canam Group Inc. (TSX: CAM) announced today that it has completed the acquisition of a 15% interest in structural steel fabricator FabSouth and its subsidiaries FabSouth, LLC and FS Real Estate Holdings, LLC for US$11.25 million. The transaction price is subject to an adjustment based on the working capital as at December 31, 2009.
This transaction was concluded with a company controlled by Canam Group chairman of the board and CEO Marcel Dutil. The independent directors of Canam Group's board of directors reviewed and approved the terms and conditions of the transaction and concluded that Canam Group had obtained fair value.
FabSouth is one of the most important fabricators and erectors of structural steel products in the United States. It operates five plants in Florida, North Carolina and Georgia. This 15% stake in FabSouth will allow Canam Group to be directly involved in a renowned company whose activities are similar to those of Canam Group.
Canam Group Inc. is an industrial company operating 12 plants specialized in the design and fabrication of construction products and solutions. The company employs more than 2,500 people in Canada, the United States, Romania and India, and has partnerships with companies in Saudi Arabia, the United Arab Emirates and China.
SOURCE Canam Group Inc.
For further information: For further information: Jasmin Gosselin, Vice President, Communications, (450) 641-4000, email@example.com, www.canamgroup.ws