Jannock Buys Caradon Metal Building Products.TORONTO--(BUSINESS WIRE)--July 14, 1998--Jannock (Nasdaq:JANNF) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :JN.) (ME:JN.) Caradon plc of the United Kingdom and Jannock Limited of Toronto announced today that Caradon Metal Building Products (CMBP), a division of Caradon Limited, has been purchased by Jannock's Metal Group, Jenisys Engineered Products for $13 million cash plus the assumption of certain liabilities. CMBP, a manufacturer of metal roofing and siding for the agricultural, commercial, and industrial construction markets, had annual sales of just over $39 million in 1997. CMBP employs 141 people at its Edmonton head office; Nisku, Alta. distribution centre; and manufacturing plants in Mississauga, Ontario For the First Nation, see . Mississauga (pronounced: [ˌmɪsɪˈsɑgə] listen ; Saskatoon Saskatoon (săskət  n`), city (1991 pop. 186,058), S central Sask., Canada, on the South Saskatchewan River. , Saskatchewan
and Delta, B.C.
"Caradon Metal Building Products now has a new owner whose core business is building products," said Robert Leckie Robert Leckie can refer to more than one person:
named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Industrial Division. "The sale also allows Caradon to pursue its strategy of fewer, larger businesses." Jannock stated that Jenisys will integrate the CMBP business with its VICWEST operations. VICWEST provides engineered solutions for the agricultural, commercial and industrial construction markets throughout Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. . "This purchase is consistent with our strategy of making complementary acquisitions that will strengthen our core businesses," said R.J. Atkinson, Jannock's President and Chief Executive Officer. "The acquisition will enable VICWEST to provide further improved service to its customers in the agricultural, commercial and industrial construction markets, particularly in Western Canada," Mr. Atkinson added. Caradon plc of the United Kingdom is a major group of some 30 companies organized into five product divisions operating across Europe and North America and employs 20,000 people. Jannock Limited, headquartered in Toronto, Ontario, manufactures and distributes building products for North American construction markets. Sales in 1997 were $1.15 billion. Jannock's business is organized into three groups: Vinyl, Metal and Brick. These groups operate over 70 manufacturing plants and a number of distribution centres across North America, employing approximately 6,500 people. Jannock's common shares are listed on the Toronto and Montreal stock exchanges Montreal Stock Exchange See Bourse de Montreal, Inc. (Canadian Derivatives Exchange) (Trading symbol Trading symbol See: Ticker symbol -JN) and on the Nasdaq (Trading symbol - JANNF).
CONTACT: Jannock Limited
Brian W. Jamieson, 416/364-8586
bjamie@jannock.com
or
Caradon Limited
Scott Langdon, 416/234-5808
INDUSTRY KEYWORD: BUILDING/CONSTRUCTION
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion