08 April 2005
08 April 2005
ZCL Composites Inc. has completed the purchase of 100 percent of the shares of the Triple M Fibreglass business (Triple M), a privately-held fibreglass manufacturer, located in Alberta, Canada.
The total purchase price, paid on closing, was approximately $1,900,000, subject to final adjustments.
Triple M manufactures and assembles fibreglass aboveground and underground tanks (including Underwriters’ Laboratories of Canada (ULC) listed products), vessels, pipe and other custom environmental products. Triple M serves the oil and gas, chemical, mining, utilities, government, and pulp and paper industry sectors. Revenue of Triple M for the past year was approximately $4 million. Mr. Glenn Maber and Mr. Dan Moran, the former owners of Triple M, will continue to be part of the management of this subsidiary and its 45 employees.
“We are very pleased to have Triple M join the ZCL group,” said Ven Côté, President and CEO of ZCL. “Triple M’s specialized products and unique manufacturing expertise complement and add considerable strength to our core business - they expand our manufacturing capability and bring us new products and new markets. This acquisition is another step towards our vision to be the leading global provider of environmentally-friendly liquid storage solutions.”
ZCL Composites is Canada’s largest manufacturer of fibreglass underground storage tanks.