Cedar Group acquires Steen Group of Companies; Steen Group annual sales to exceed $60 million.MONTREAL--(BUSINESS WIRE)--Aug. 1, 1995--Cedar Group Inc. ("CEDAR") (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 it has closed its acquisition of The Steen Group of Companies (Steen Becker), headquartered in Toronto. The transaction, which is non-dilutive, initially provides Cedar Group with a 75 percent equity position in Steen Becker with the remaining 25 percent to be acquired over the next two years. The Steen Group, founded 81 years ago, is an international engineering company, specializing in prime mechanical, heating, ventilation, and air conditioning air conditioning, mechanical process for controlling the humidity, temperature, cleanliness, and circulation of air in buildings and rooms. Indoor air is conditioned and regulated to maintain the temperature-humidity ratio that is most comfortable and healthful. (HVAC (Heating Ventilation Air Conditioning) In the home or small office with a handful of computers, HVAC is more for human comfort than the machines. In large datacenters, a humidity-free room with a steady, cool temperature is essential for the trouble-free ) contracts for industrial, commercial, manufacturing and processing plants. Steen's sales for the fiscal year ending September 1996 are expected to total $75 million. The company is profitable and has no debt outside trade and other payables in the normal course of business. In addition to Steen's projected annual sales, the company has recently received new contracts totaling $50 million. These include work on the new Montreal Forum • • [ , Toronto's Trade Center and McGill University's Engineering Building. Steen's 50 percent held Air Science Corporation of Atlantic City, New Jersey “Atlantic City” redirects here. For other uses, see Atlantic City (disambiguation). Atlantic City is a city in Atlantic County, New Jersey, USA. Famous for its boardwalk and casino gambling, it is a resort community located on Absecon Island on the coast of the is also participating in a 50-50 joint venture with Zurn/Nepco for a major cooling plant facility for Atlantic City Atlantic City, city (1990 pop. 37,986), Atlantic co., SE N.J., an Atlantic resort and convention center; settled c.1790, inc. 1854. Situated on Absecon Island, a barrier island 10 mi (16. . The initial phase of this project is budgeted at $100 million over two years. Steen Construction is also a joint venture partner together with Aker Stord of Norway and Pool Construction Ltd. of Canada for design development, and manufacture for part of the Hibernia Platform off the coast of Newfoundland. Harry Slade, president of The Steen Group, said, "The Steen Group has enjoyed a long and successful history and together with Cedar Group's subsidiary, Dominion Bridge, will maximize its full value and potential in delivering their world-class capabilities." Nicolas Matossian, 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. of Cedar Group, stated, "There will be substantial synergies between the two groups which will allow us to expand significantly the number of projects we have around the world." Commenting on the acquisition, Michel L. Marengere, chairman and chief executive officer of Cedar Group said, "We are extremely excited about this business combination which will bring significant value to our F.B.O.T. (Financed, Built, Operated, and Transferred) projects as well as increase our offshore oil and gas capabilities. This is a major development in our establishment of a fully integrated engineering Integrated Engineering is a multi-disciplinary, design project based engineering degree program. Integrated Engnineering is a program created to meet the demand for engineers who are able to deal with a wide range of problems, often involving knowledge from several , construction, manufacturing and management company of infrastructure projects around the world and achieving our objectives of recurring revenues. Cedar Group, Inc., registered in Conshohocken, Pa., and headquartered in Montreal, is an international engineering, infrastructure, project management, aerospace and industrial metal transformation company. Cedar Group Inc.'s subsidiary, Dominion Bridge, Inc., has 115 years of experience and has a long-term successful record in international development projects. CONTACT: Cedar Group, Inc. Eric Boyd, 514/634-3551 or Strategic Growth International Stan Altschuler/Richard Cooper, 516/829-7111 |
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