01 March 2002
01 March 2002
Imperial PlasTech’s subsidiary, Imperial Building Products (IBP), has agreed to acquire certain assets of Pultronex Corporation located in Edmonton, Alberta.
Pultronex utilizes pultrusion technologies to design, manufacture and market a range of products using a proprietary high performance resin reinforced with glass fiber (Fiber Reinforced Plastics or FRP). The Company generated sales of approximately CDN $4.2 million for the year ended August 31, 2001, with 80% of revenues derived from customers in the United States.
IBP will pay approximately $600,000 for certain production equipment and intellectual property, including patents, customer lists and trademarks. IBP expects to re-hire the majority of Pultronex's employees and be back in production immediately.
""This acquisition fits our strategic goals in a number of ways,"" commented Victor D'Souza, Imperial's President and CEO. ""Pultronex's products are a natural extension to IBP's wood fiber plastic line of residential decking and railing products, and enable us to broaden our offering into a number of different geographic and product markets, particularly in the United States where Pultronex has a significant presence. We will also be further diversifying our product and market base, ensuring that our shareholders are not exposed to any one product line or region. We will also be growing our revenue base at a very attractive price, while leveraging our core competencies for the long-term benefit of our shareholders.""