VANCOUVER, Feb. 28, 2012 /CNW/ - WesternOne Equity Income Fund ("WesternOne Equity") (TSX: WEQ.UN, WEQ.DB.B, WEQ.DB.C) today announced that the first modular buildings are rolling off the production line in the Waco, Texas facility of its WEQ Britco LP division ("Britco").
The plant in Texas, which had been idle for three years before Britco purchased it in September 2011, now has 80 employees. "We are very excited to see the first finished modular units from our Texas facility and look forward to designing and building workforce accommodations for our customers in the United States," stated Mr. Darren Latoski, CEO of WesternOne Equity.
In recent months WesternOne's Britco division has made two significant strategic acquisitions. On February 1, Britco acquired a production plant in Edmonton, Alberta. In the fall of last year, Britco, through its indirectly-owned subsidiary in the USA, purchased a large manufacturing facility in Waco, Texas.
Currently, Britco is working on the largest project in its 35 year history - a project valued at approximately $50 million for a large energy company in Alberta. Britco is providing 880 rooms which will be contained in ten 2-storey dorm wings totaling 280,000 square feet. The rooms, which are currently being manufactured in Britco's Agassiz and Penticton plants, are 200 square foot executive style accommodations that have private washrooms, flat screen TV's and high-end hotel quality finishes.
Despite the continuing uncertainty in the economy, last year Britco created 177 new jobs. The primary driver for Britco's growth is the demand for workforce housing in the energy, mining and infrastructure sectors in BC, Alberta and the southern USA.
"Britco's expansion in Edmonton will also mean more work for its factories in BC because its stronger presence in Alberta better positions Britco to secure work on large projects in that province," stated Mr. Latoski. "The energy and mining activity in BC's north and in Alberta is driving our growth and providing jobs for people locally."
About WesternOne Equity
WesternOne Equity seeks to primarily acquire and grow businesses in the sector of construction and infrastructure services in order to generate stable and growing distributions to its unitholders as well as to achieve overall capital appreciation.
Britco is the one of the largest manufacturers of commercial modular buildings in North America. Britco also has one of the largest lease fleets of temporary offices, construction site trailers and storage containers in Western Canada. Britco has four production facilities, three located in Canada in Agassiz and Penticton, British Columbia, and Edmonton, Alberta, and one located in the United States in Waco, Texas. Britco has a customer base that ranges from the commercial, residential, government and infrastructure sectors, to the resource, energy and mining industries in Western Canada and the Southern United States. Britco is headquartered in Langley, British Columbia, and in addition to its manufacturing facilities, has branch offices in Nanaimo and Kelowna and sales offices in Calgary and Edmonton, Alberta.
Additional information about Britco is available at www.britco.com.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
Image with caption: "Britco installs the first of 480 modules for a large energy company in Northern Alberta. The modules, which are currently being manufactured in Britco's Agassiz and Penticton plants, consist of 200 square foot executive style accommodations for 880 employees, featuring private washrooms, flat screen TV's and high-end hotel quality finishes. (CNW Group/WesternOne Equity Income Fund)". Image available at: http://photos.newswire.ca/images/download/20120228_C8097_PHOTO_EN_10512.jpg
For further information:
Andrew Greig, Manager of Investor Relations