SAINT-GEORGES, QC, April 29, 2013 /CNW Telbec/ - Canam Group Inc. (TSX: CAM) based in Saint-Georges-de-Beauce today announced the signature of an agreement by its subsidiary, Canam Steel Corporation, to acquire the steel joist fabrication assets of Quincy Joist Company, a subsidiary of Schuff International, Inc. (OTC: SHFK). These assets comprise a plant in Buckeye, Arizona, including all equipment and inventory, as well as a plant in Quincy, Florida, including all equipment and inventory but not the land. The transaction is subject to due diligence.
Canam Group, which already operates a joist fabrication plant in Florida, will take possession of the Quincy assets when the current owner halts production activities. The equipment will be transferred to Canam Group's other joist fabrication plants; no decision has been made in connection with the buildings.
President and Chief Executive Officer Marc Dutil stated that the Quincy Joist's ability to fabricate specialty products played a role in the decision to move ahead with the transaction. "The Canam and Quincy Joist teams share the same values that are centered on customer satisfaction and the timely delivery of quality products. The integration process should go smoothly." Mr. Dutil added that this transaction will grow Canam's presence in the southwestern U.S. while also favoring market consolidation.
The plant in Buckeye, a municipality located approximately 60 kilometers (37 miles) west of Phoenix, employs about 70 people and has an annual production capacity of 30,000 tons.
SOURCE: CANAM GROUP INC.
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