Canam Group Acquires Majority Interest in Stonebridge, Inc.
08 Jun, 2016, 08:00 ET
SAINT-GEORGES, QC, June 8, 2016 /CNW Telbec/ - Canam Group Inc. (TSX: CAM) announced that its United States subsidiary Central Erectors, LLC, has purchased a 51% interest in Stonebridge, Inc., a steel erector that is located in South Plainfield, New Jersey, and a leader in the steel erection market in New York.
Central Erectors has committed to acquiring the remaining 49% interest over a five-year period beginning in 2017. Stonebridge's current president, Jack Falcone Sr., will retain his current position and remain a shareholder of Stonebridge. The amount of the transaction was not disclosed.
Stonebridge has been specializing since 1995 in erecting structural steel components for complex commercial, institutional and industrial projects, mainly in metropolitan New York and in New Jersey. Canam Group and Stonebridge have collaborated on several projects in recent years.
Marc Dutil, Canam Group's President and CEO, commented, "In any investment, our primary objective is to provide value to our customers. Stonebridge's dedication to employee safety and its excellent reputation pointed to a strong business and cultural fit. We believe that the growing complexity of contracts and ever-shorter schedules require the emergence of an integrated approach to project management. The Stonebridge acquisition will allow us to provide a more coordinated offer to owners, developers and contractors."
Mr. Falcone also acknowledged a growing need for reliable coordination between steel fabricators and steel erectors: "Projects are increasingly complex and require considerable expertise to meet deadlines and fulfill customer expectations. Integrated jobsite management is the most promising solution."
About Canam Group Inc.
Canam Group specializes in designing integrated solutions and fabricating customized products for the North American construction industry. Each year, Canam Group takes part in an average of 10,000 building, structural steel and bridge projects, which can also include the supply of preconstruction and project management services. The Corporation operates 23 plants across North America and employs over 4,300 people in Canada, the United States, Romania and India.
SOURCE Canam Group Inc.
For further information: François Bégin, Vice President, Communications, Canam Group Inc., 450-641-4000 / 418-225-1355 (cell.), [email protected]
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