Ontario Teachers' Completes Acquisition of CFM Corporation.TORONTO -- Teachers' Private Capital, the private equity arm of the Ontario Teachers' Pension Plan The Ontario Teachers' Pension Plan (OTPP), commonly referred to as Teachers', is the organization responsible for administering pensions for public school teachers of Ontario. The OTPP also invests the plan's pension fund. , has completed the acquisition of CFM Corporation, a leading integrated manufacturer of hearth and space heating Space heating is the heating of a space, usually enclosed, such as a house or room. A space heater keeps the air and surroundings at a comfortable temperature for people or animals, or even plants in a greenhouse. products, barbecue and outdoor products in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and the United Kingdom. CFM shareholders voted in favour of this transaction on April 8, 2005. The offer to purchase CFM shares was first announced in February 2005. Under the terms of the acquisition agreement, shareholders will receive $1.50 for each CFM common share held. "CFM has a heritage of excellent product quality, customer relations and market presence," said Jim Leech leech, predacious or parasitic annelid worm of the class Hirudinea, characterized by a cylindrical or slightly flattened body with suckers at either end for attaching to prey. , Senior Vice-President of Teachers' Private Capital. "With a new CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and the necessary financial resources in place, we are confident CFM is positioned for success." As part of the acquisition, Larry Robinette was named Chief Executive Officer. He has a proven track record as a top performing President and CEO in leading turnarounds in venture capital and divisions of Fortune 100 companies. "I have seen tremendous opportunities for improvements at CFM and I want our customers to know that CFM has emerged as a financially sound business with a renewed focus on meeting their needs," said Larry Robinette, Chief Executive Officer, CFM. "The company's quality and innovative product offerings are supported by great brand names that are sold through specialty retail and mass merchant channels and a network of leading distributors in new home and commercial construction as well as remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling ." Each shareholder will receive from Computershare Investor Services Inc. a letter of transmittal Letter of Transmittal A document used by security holder to accompany certificates surrendered in an exchange or other corporate action. and instructions for surrendering their CFM common share certificates for $1.50 per share. CFM Corporation has filed notice with the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. to delist delist To drop a security from trading on an organized exchange. Delisting may occur for a number of reasons including failure to meet an exchange's standards or placement of a new listing on another exchange. Compare list. CFM shares and has submitted applications with the necessary Canadian securities regulators to cease to be a reporting issuer. About CFM Corporation CFM is a leading integrated manufacturer of home products and related accessories in North America and the United Kingdom. CFM designs, develops, manufactures and distributes a line of hearth and space heating products, barbecue and outdoor products and water and air purification products. CFM maintains an ongoing program of research and development aimed at continually improving the quality, design, features and efficiency of its products. About Teachers' Private Capital Teachers' Private Capital is the private equity arm of the Cdn.$85 billion Ontario Teachers' Pension Plan, which invests on behalf of 255,000 active and retired teachers in Ontario, Canada. With assets of more than Cdn.$7 billion, Teachers' Private Capital is one of Canada's largest private investors and is currently working with more than 100 companies and funds around the world to create value by providing long-term flexible capital. It specializes in providing private equity and mezzanine debt capital for large and mid-cap companies, venture capital for developing industries, and financing for a growing portfolio of infrastructure and timberland assets. |
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