CanWel Building Materials Announces Acquisition of Island Truss
CanWel Building Materials Group Ltd. (“CanWel” or “the Company”) announced that through its Honsador Group of Companies (together with all subsidiary, affiliate or nominee entities, “CanWel”) has acquired the truss design and manufacturing plant and related equipment and business, formerly owned by Vickers Island Truss, Ltd. (“Island Truss”) (the “Acquisition”).
Since 1995, privately owned Island Truss has been providing the entire island of Kauai with a great assortment of truss designs and products. Island Truss is Kauai’s only on-island truss manufacturing plant and has built a reputation for excellence, servicing the requirements of many of Kauai’s finest hotels, resorts, homes and schools.
The purchase price of the Acquisition will be satisfied from CanWel’s existing credit facilities, and the Acquisition is expected to be accretive from closing.
“Island Truss is a very reputable and well-respected brand on Kauai and in surrounding markets and we are very pleased to be able to further solidify and expand our presence in the Hawaiian market with this acquisition,” said Amar Doman, Chairman and CEO of CanWel. “We welcome our new employees at Island Truss, and thank David Vickers for building such a strong business over the years. We are very proud to have this great company in the CanWel family and excited to have David as part of our team as he heads up our Honsador truss division, bringing his excellence and experience to our truss operations at Honolulu and Hilo.”
Founded in 1989, CanWel is headquartered in Vancouver, British Columbia and trades on the Toronto Stock Exchange under the symbol CWX and is Canada’s only fully integrated national distributor in the building materials and related products sector. CanWel operates: multiple treating plant and planing facilities in Canada and the United States; distribution centres coast-to-coast in all major cities and strategic locations across Canada; in the United States near Portland, Oregon San Francisco and Los Angeles, California and in 14 locations in the State of Hawaii through its wholly owned Honsador Building Products Group. CanWel distributes a wide range of building materials, lumber, renovation and electrical products. In addition, through its CanWel Fibre division, CanWel operates a vertically integrated forest products company based in Western Canada, operating from British Columbia to Saskatchewan, also servicing the US Pacific Northwest. CanWel owns approximately 117,000 acres of private timberlands, strategic Crown licenses and tenures, log harvesting and trucking operations, several post and pole peeling facilities and two pressure-treated specialty wood production plants and a specialty saw mill.
Ali Mahdavi – Investor Relations – firstname.lastname@example.org – (416) 962-3300
Source: CanWel Building Materials Group Ltd.