CANADIAN ICE FIRM BUYING UNION PURCHASE TERMS ARE NOT DISCLOSED.Byline: JULIA M. SCOTT Staff Writer Union Ice, which helps chill Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. and creates snow scenes for Hollywood, is now part of Arctic Glacier Arctic Glacier is a manufacturer of packaged ice in Winnipeg, Manitoba, Canada. The company was founded in 1996 and has rapidly grown to become the largest producer of ice for the Canadian market and one of the largest for the American market. , a Canadian conglomerate. Officials declined to disclose terms of the deal on Tuesday. The purchase follows a $190 million buyout of California Ice, six Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern companies that formed the state's largest ice manufacturer. Glacier glacier, moving mass of ice that survives year to year, formed by the compacting of snow into névé and then into granular ice and set in motion outward and downward by the force of gravity and the stress of its accumulated mass. recently purchased Mountain Water Ice Co. in Carson and Oceanside. "This was the logical next extension," said Glacier president and chief executive officer Keith McMahon. He said he does not expect any significant change in the number of jobs at the Van Nuys plant. Union Ice has annual revenues of about $10 million and is the second-largest ice maker in the state. It was started in 1882 and has been in Van Nuys since 1923. Union Ice recently moved its Commerce headquarters to a new plant in Vernon. Its Van Nuys facility has created snow scenes for "Click," starring Adam Sandler, and "In Her Shoes," with Cameron Diaz, said branch manager Pete De Grandis. Recently, it made 160 tons of snow for an episode of "ER" that depicted de·pict tr.v. de·pict·ed, de·pict·ing, de·picts 1. To represent in a picture or sculpture. 2. To represent in words; describe. See Synonyms at represent. an urban street blanketed in the fluffy fluff·y adj. fluff·i·er, fluff·i·est 1. a. Of, relating to, or resembling fluff. b. Covered with fluff. 2. Light and airy; soft: fluffy curls; a fluffy soufflé. white stuff. The purchases make Glacier the top packaged ice company on the West Coast. Analysts said the latest acquisition is part of Glacier's growth strategy. In the past decade the company has snapped up more than 60 ice makers. "Arctic Glacier buys companies because in essence the ice business tends to be very much like a utility," said analyst Gareth Tingling tin·gle v. tin·gled, tin·gling, tin·gles v.intr. 1. To have a prickling, stinging sensation, as from cold, a sharp slap, or excitement: tingled all over with joy. of National Bank Financial. Ice can be delivered up to about 150 miles before it melts so companies need customers and plants to expand. Glacier's revenues boomed 65 percent in the fourth quarter, largely due to the purchases, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Thomson One Analytics. Glacier is one of three major players in the industry, along with Reddy Ice in Dallas and Home City Ice in Ohio. Glacier's annual revenues are about $225 million. Adding Union Ice to the fold will help Glacier smooth out its revenue stream, which tends to fall in winter. Its territory covers southern Canada, the northern U.S., and now, California. "In California we see higher gross margins for bagged ice than in more northernly areas," said analyst Greg Colman of Wellington West Cm. julia.scott@dailynews.com (818) 713-3735 |
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