Cedar Group, Inc. acquires 49% of McConnell Dowell Corporation of Australia.MONTREAL--(BUSINESS WIRE)--March 21, 1996--CEDAR GROUP, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (NASDAQ/NMS:CGMV; VSE See DOS/VSE. VSE - Virtual Storage Extended :CGM (1) (Computer Graphics Metafile) An ISO/IEC standard format for 2D graphics images introduced in 1987. Primarily a vector graphics format for technical illustrations and geophysical visualizations, CGM also supports raster graphics and text. ) today announced that it has acquired and now owns 49% of the ordinary shares of McConnell Dowell Corporation Limited ("MDC (1) (Mobile Daughter Card) See riser card. (2) See Meta Data Coalition. ") as at the close of market in Australia, on Thursday, March 21, 1996. The company also confirms that its takeover offer for the remaining ordinary shares of MDC will remain open until April 9, 1996 and expects that a substantial number of additional shares will be tendered to its offer in the immediate future, giving CEDAR control and the ability to consolidate as of March 31, 1996. With this consolidation CEDAR GROUP will have total annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. sales in excess of US$500 million and assets over US$200 million. Michel L. Marengere CEDAR's chairman and chief executive officer stated, "This acquisition is a major milestone towards realizing CEDAR'S objective of becoming a major global infrastructure engineering company." Nicolas Matossian, CEDAR's president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. declared that, "MDC's capability combined with those of Dominion Bridge, Inc. and Steen Contractors Ltd. will provide CEDAR with a powerful design, engineering, project management and construction team which will fulfill its objectives of further penetrating the markets in Asia and the Pacific Rim region." MDC is an Australian based engineering and construction company with operations in Australia, New Zealand and Southeast Asia. It had fiscal 1995 sales of US$250 million and US$11 million operating earnings in fiscal 1995. CEDAR GROUP, INC., a Delaware corporation registered in Conshohocken, Pa., is an international engineering, infrastructure company, employing advanced materials technology with operations and projects in North America, Europe and Asia. -0- This news release is neither approved nor disapproved by the Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). . CONTACT: Cedar Group Inc. Eric Boyd, 514/634-3550 or Strategic Growth International Stan Altschuler/Richard Cooper, 516/829-7111 |
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