December 03, 2008

Samuel Manu Tech to acquire Omega Joists Inc

Samuel Manu Tech Inc announced that it has acquired the assets and all business operations of Omega Joists Inc. The transaction is structured as a purchase of the principle assets of Omega Joists Inc. The purchase price is CAD 27 million, subject to certain adjustments for working capital items. Funding for the acquisition came from Samuel's existing revolving credit facilities.

Omega is a recognized leader in the design, engineering, manufacturing and supply of open web steel joists used primarily in the commercial and industrial building products industry in Western Canada.

This acquisition complements Samuel's existing roll forming capability at its Roll Form Group operations in Edmonton, Alberta, Mississauga, Scarborough and Cambridge, Ontario and in Iuka, Mississippi.

Mr Mark Samuel chairman & CEO of Samuel Manu Tech said that "We are excited to welcome Omega Joists, their management and employees to our group of metal processing companies. We consider this to be a great fit with our roll form operations, allowing us to package the sale of open web steel joists with our existing deck, siding and other building products."

Samuel Manu Tech Inc is one of the leading North American industrial products and technology company producing a wide range of steel, plastic and related industrial products and services from locations in Canada, the United States and Mexico.