WAJAX ANNOUNCES CEO SUCCESSION PROCESS

TSX Symbol:  WJX

TORONTO, Oct. 15, 2025 /CNW/ - Wajax Corporation ("Wajax" or the "Corporation") today announced that its Board of Directors and Iggy Domagalski, President and CEO, have jointly agreed to initiate a CEO succession process. As part of this planned transition, Mr. Domagalski will continue to serve as President and CEO and a director of Wajax until the conclusion of the process, ensuring continuity and a seamless handover of responsibilities.

"Since being appointed President and CEO in early 2022, Iggy has successfully guided Wajax through significant challenge and change with exceptional dedication," said Edward Barrett, Board Chair. "His steady leadership during the post-pandemic period was instrumental in managing Wajax's response to pent-up industrial demand in many key markets. Over the past year, he successfully led efforts to reduce inventory and strengthen our balance sheet, substantially completed the roll-out of Wajax's new ERP system and appointed an experienced Chief Operating Officer to focus on operational excellence and building organizational capabilities. Under his direction, Wajax has streamlined back-office operations, improved cost and inventory discipline, and prioritized the development of our people. He has also championed enhancements to employee health and wellness, as well as broader community initiatives. In short, Iggy has established a solid foundation that positions Wajax for its next phase of growth."

"With this foundation in place, the board's intent is to identify a CEO with experience that aligns with Wajax's next phase – someone focused on accelerating Wajax's growth trajectory and capitalizing on emerging opportunities. This transition is not about changing direction, but about building strategically on the momentum created under Iggy's leadership," Mr. Barrett continued. "On behalf of the board, I want to thank Iggy for 17 years of service within the Tundra and Wajax organizations, and for his steady leadership and unwavering commitment to the Wajax team. In line with this dedication, Iggy will remain in his role during the search for his successor to ensure a smooth transition."

"This is the right time to begin an orderly CEO succession process," said Mr. Domagalski. "Wajax is performing well, achieving solid operating and financial results, and maintaining a healthy balance sheet. These strengths make it possible to focus on the future and begin a leadership transition. I am extremely proud of what we have accomplished together and am grateful to all of my colleagues for the tremendous talent and dedication they bring to work every day. It has been a privilege to serve such a respected company – one that has helped shape Canada's industrial landscape for generations." He continued, "On a personal level, I feel this is the appropriate moment to make this transition. I intend to remain a significant shareholder in the company and look forward to working closely with the board and management team in the coming months to ensure a smooth and effective succession."

The Board of Directors has engaged a leading executive search firm to conduct the CEO search process. The new CEO will continue to pursue and accelerate Wajax's strategy of organic growth within its current businesses, expanding its industrial parts and engineered repair services portfolio through strategic acquisitions, and driving additional efficiencies in its operating model. The search process is expected to be completed in the first quarter of 2026.

About Wajax Corporation

Founded in 1858, Wajax (TSX: WJX) is one of Canada's longest standing and most diversified industrial products and services providers. The Corporation operates an integrated distribution system providing sales, parts and services to a broad range of customers in diverse sectors of the Canadian economy, including: construction, forestry, mining, industrial and commercial, oil sands, transportation, metal processing, government and utilities, and oil and gas. For more information on Wajax, please visit the company's website at https://www.wajax.com.

Cautionary Statement Regarding Forward-Looking Information

This news release contains certain forward-looking statements and forward-looking information, as defined in applicable securities laws (collectively, "forward-looking statements"). These forward-looking statements relate to future events or the Corporation's future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward looking statements can be identified by the use of words such as "plans", "anticipates", "intends", "predicts", "expects", "is expected", "scheduled", "believes", "estimates", "projects" or "forecasts", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors beyond the Corporation's ability to predict or control which may cause actual results, performance and achievements to differ materially from those anticipated or implied in such forward-looking statements. To the extent any forward-looking information in this news release constitutes future-oriented financial information or financial outlook within the meaning of applicable securities law, such information is being provided to demonstrate the potential of the Corporation and readers are cautioned that this information may not be appropriate for any other purpose. There can be no assurance that any forward-looking statement will materialize. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release, reflect management's current beliefs and are based on information currently available to management. Although management believes that the expectations represented in such forward-looking statements are reasonable, there is no assurance that such expectations will prove to be correct. Specifically, this news release includes forward-looking statements regarding, among other things: our belief that we have established a solid foundation that positions us for our next phase of growth; our planned CEO succession and transition process, including our intent to identify a new CEO with experience that aligns with our next phase, focused on accelerating our growth trajectory and capitalizing on emerging opportunities, and our plans for a smooth and seamless handover of responsibilities; the planned focus areas for our Chief Operating Officer; our intention that our new CEO will continue to pursue and accelerate Wajax's strategy – specifically, organic growth within our current businesses, expanding our industrial parts and engineered repair services portfolio through strategic acquisitions and driving additional efficiencies in our operating model; and our expectation that our search process will be completed in the first quarter of 2026. These statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions regarding: the availability of highly qualified and experienced candidates for the role of CEO; the absence of significant negative changes to general business and economic conditions; our ability to manage our business through ongoing uncertainty related to Canada-U.S. trade dynamics, including the imposition of new or changing trade tariffs; limited negative fluctuations in the supply and demand for, and the level and volatility of prices for, oil, natural gas and other commodities; the stability of financial market conditions, including interest rates; the ability of Hitachi Construction Machinery Americas Inc. ("Hitachi") and Wajax to develop and execute successful sales, marketing and other plans related to the enhanced direct distribution relationship which took effect on March 1, 2022; our continued ability to execute our strategic priorities, including our ability to execute on our organic growth priorities, complete and effectively integrate industrial parts and ERS acquisitions, and successfully implement new information technology platforms, systems and software, such as our ERP system; the future financial performance of the Corporation; limited fluctuations in our costs; the level of market competition; our continued ability to attract and retain skilled staff; our continued ability to procure quality products and inventory; and our ongoing maintenance of strong relationships with suppliers, employees and customers. The foregoing list of assumptions is not exhaustive. Factors that may cause actual results to vary materially include, but are not limited to: the limited availability of highly qualified and experienced candidates for the role of CEO, or challenges in attracting such executive talent on commercially reasonable terms; a continued or prolonged deterioration in general business and economic conditions; continued or prolonged uncertainty related to Canada-U.S. tariff dynamics; new tariffs and/or counter-tariffs imposed on cross-border trade, particularly between Canada and the U.S.; negative fluctuations in the supply and demand for, and the level of prices for, oil, natural gas and other commodities; a continued or prolonged decrease in the price of oil or natural gas; the inability of Hitachi and Wajax to develop and execute successful sales, marketing and other plans related to the enhanced direct distribution relationship which took effect on March 1, 2022; a decrease in levels of customer confidence and spending; supply chain disruptions and shortages; fluctuations in financial market conditions, including interest rates; the level of demand for, and prices of, the products and services we offer; decreased market acceptance of the products we offer; the termination of distribution or original equipment manufacturer agreements; unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications or expectations, cost escalation, our inability to reduce costs in response to slow-downs in market activity, unavailability of quality products or inventory, supply disruptions, job action and unanticipated events related to health, safety and environmental matters); our inability to attract and retain skilled staff and our inability to maintain strong relationships with our suppliers, employees and customers. The foregoing list of factors is not exhaustive.

Further information concerning the risks and uncertainties associated with these forward-looking statements and the Corporation's business may be found in our MD&A for the year-ended December 31, 2024 (the "2024 MD&A"), which has been filed under the Corporation's profile on SEDAR+ at www.sedarplus.ca, under the heading "Risk Management and Uncertainties". The forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement. The Corporation does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless so required by applicable securities laws.

Readers are cautioned that the risks described in the 2024 MD&A are not the only risks that could impact the Corporation. Risks and uncertainties not currently known to the Corporation, or currently deemed to be immaterial, may have a material effect on the Corporation's business, financial condition or results of operations.

Additional information, including Wajax's 2024 Annual Report, is available under the Corporation's profile on SEDAR+ at www.sedarplus.ca.

SOURCE Wajax Corporation

For further information, please contact: Iggy Domagalski, President and Chief Executive Officer, Email: [email protected]; Tania Casadinho, Chief Financial Officer, Email: [email protected], Telephone #: [phone]