NISKU, AB, Aug. 14 /CNW/ - Garneau Inc. (GAR:TSX) Garneau Inc.
("Garneau") announced major expansion plans today wherein the Corporation is
proposing to expand its Pipeline business segment into the distribution of oil
country tubular goods and line pipe products.
This expansion will enable Garneau to offer tubular and line pipe
procurement and inventory management to its clients, in addition to the
existing coating services provided from its 65,000 sq ft Camrose facility.
Increased marketing efforts and infrastructure realignment procedures are
underway to support this aggressive initiative. The expansion will not require
significant changes to the plant or yard infrastructure in the Camrose
operation. Negotiation for initial supply of tubular products is complete and
authorized bank credit lines have been increased by $20 million to support
this new strategic initiative.
The tubular and line pipe industry in Western Canada is estimated to
exceed over $1.5 billion dollars annually in recent years and Garneau is
anticipating that it can successfully penetrate the existing market based on
the Corporation's ability to offer consolidated "one stop shopping" for these
services. This announcement marks a major step in Garneau's commitment to
providing the oil and gas industry with additional value added services and
further reflects Garneau's commitment to increasing corporate growth and long
term profitability for our shareholders.
About Garneau Inc.
This report includes forward looking statements that are based on the
Corporation's current expectations and therefore are subject to uncertainties
that may cause actual results to differ materially.
Garneau Inc's primary business has been application of high performance
protective coating and linings for oil and gas pipeline protection.
Additionally the corporation also designs and fabricates oilfield equipment
for both domestic and international markets. With over 30 years of operating
experience, Garneau Inc. has developed a significant level of expertise and is
well know for innovative technology. The company's website can be accessed at
For further information:
For further information: Glen Garneau, President and CEO,
firstname.lastname@example.org; Frank Deys, CFO, email@example.com; Phone: (780)
955-2396, Fax: (780) 955-7715