Algonquin Mercantile Announces New Sequencing Plant In Delaware.TORONTO--(BUSINESS WIRE)--June 24, 1998--(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :AM.) Algonquin Mercantile Relating to trade or commerce; commercial; having to do with the business of buying and selling; relating to merchants. A mercantile agency is an individual or company in the business of collecting data about the financial status, ability, and credit of individuals Corporation ("Algonquin") announces that it will establish a new Delaware subsidiary to carry out automotive sequencing in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and will start up a new plant in Wilmington, Delaware Wilmington is the largest city in the state of Delaware and is located at the confluence of the Christina River and Brandywine Creek, near where the Christina flows into the Delaware River. in early 1999. Automodular Assemblies Inc. ("Automodular"), a unit of Algonquin, recently won orders for the sequenced assembly of a wide range of components for the new Saturn model, to be produces in General Motors Corporation's Wilmington assembly Wilmington Assembly is a General Motors automobile factory in Wilmington, Delaware.[1] The 3,200,000 square foot factory opened in 1947 and currently produces the GM Kappa platform sports cars. Production of the Saturn L-Series halted on June 17, 2004. plant. Consequently, Algonquin will establish a 180,000 square foot sequencing facility employing approximately 145 persons near the General Motors assembly plant. Algonquin estimates it will spend approximately $5 million U.S. in new capital expenditures to put in place the new facility. Automodular will commence work on the facility immediately. Algonquin expects the new plant to make a meaningful contribution to Algonquin's 1999 sales and profits.
CONTACT: Algonquin Mercantile Corporation
Winston R. Ash, 905/841-4473
905/841-2714 (FAX)
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