|By Marketwired .||
|January 7, 2014 05:06 PM EST||
BRAMPTON, ONTARIO -- (Marketwired) -- 01/07/14 -- Brampton Brick Limited (TSX: BBL.A) today announced that it has completed the previously announced acquisition of substantially all of the assets of Atlas Block, including its state-of-the-art facility located in Hillsdale, Ontario. The acquisition was made from KPMG Inc., the Court-appointed receiver of Atlas Block, pursuant to an approval and vesting order issued by the Ontario Superior Court of Justice (Commercial List) on December 20, 2013.
This acquisition allows the Company to add production capacity to its facilities and take advantage of cost-saving synergies by consolidating production of similar items resulting in greater economies of scale. The enhanced technology at the Hillsdale facility will support the Company in its initiatives to expand its product portfolio and its market share in the landscape and concrete masonry markets.
The purchase price is $13.4 million, including inventory.
The acquisition was financed primarily by the Company drawing upon its previously announced bank financing facility and by assuming certain equipment leases.
All statements in this press release, other than those relating to historical information, are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, including, but not limited to, those identified under "Risks and Uncertainties" in the 2012 annual MD&A included in the Company's 2012 Annual Report and those identified and reported in the Company's other public filings (including the Annual Information Form for the year ended December 31, 2012), which may be accessed at www.sedar.com, which may cause actual results, performance or achievements of the Company to be materially different from any future result, performance or achievements expressed or implied by such forward-looking statements.
Brampton Brick is Canada's second largest manufacturer of clay brick, serving markets in Ontario, Quebec and the Northeast and Midwestern United States from its brick manufacturing plants located in Brampton, Ontario and near Terre Haute, Indiana. To complement the clay brick product line, the Company also manufactures a range of concrete masonry products, including concrete brick and block as well as stone veneer products. Concrete interlocking paving stones, retaining walls, garden walls and enviro products are manufactured in Markham, Milton and Brampton, Ontario and Wixom, Michigan. These products are sold to markets in Ontario, Quebec, Michigan, New York, Pennsylvania, Ohio, Kentucky, Illinois and Indiana under the Oaks trade name. Products are used for residential construction and for industrial, commercial, and institutional building projects.
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