CORPORATE NEWS:
Ivaco’s sale of businesses approved
Ivaco Inc., Canada, has recently announced that the Ontario Superior Court of Justice approved the sale of its business that includes the manufacture of wire, wire products and processed rods, to an affiliate of Heico LLC, USA. The transaction is expected to close before the end of the year. Heico is a portfolio company with an established track record in acquisitions of companies involved in various industries world-wide, including steel, telecommunications and plastics. The company has interests in several complementary businesses. Mr. Randall Benson, chief restructuring officer, commented: “This is another significant step in the path to complete the restructuring of Ivaco. We are pleased that the Court has endorsed this sale transaction and we look forward to completing the remaining requirements to close as quickly as possible”.
Ivaco is a leading North American producer of steel, fabricated steel products and precision machined components. Ivaco’s modern steel operations include Canada’s largest rod mill, which has a rated production capacity of 900,000 tonnes of wire rods per annum. In addition, its fabricated steel products operations have a rated production capacity in the area of 350,000 tonnes a year of wire, wire products and processed rod, and over 175,000 tonnes a year of fastener products. “This is a positive result for the company, its employees and customers”, commented Mr. Gordon Silverman, chief executive officer. “Heico will bring value to the continuing business and has indicated that it is expected to continue the company’s strategy of supplying high-quality markets, and even expanding its presence in these markets. Ivaco’s restructuring process is now nearing completion. We are confident that this transaction represents a fair and balanced solution for all those involved as it maximises the benefits to be received by all stakeholders including creditors, employees, customers and suppliers”.
Company: |
IVECO GmbH + Co KG |
Country: |
Germany |
Fax: |
+49 07156 94 39 14 |
Email: |
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Website: |