BRAMPTON, ONTARIO -- (Marketwired) -- 04/14/16 -- Brampton Brick Limited (TSX: BBL.A) (the "Corporation") today announced that it has, pursuant to court approval, completed the previously announced acquisition of substantially all of the assets of Eurobloq Inc., including its concrete products facility located in Boisbriand, Quebec. The effective closing date of the transaction was April 9, 2016.
This acquisition allows the Corporation to add production and distribution capacity to meet the growing demand for the Corporation's masonry and landscape products in the Quebec and Eastern Ontario regions, and directly supports the Corporation in its initiatives to expand its product portfolio and its market share in the landscape and concrete masonry markets.
The purchase price for the assets excluding inventory and accounts receivable was $5 million. The transaction also included a loan of $500,000 made to an affiliate of the vendors.
The purchase price was financed via the Corporation's existing operating line and additional bank debt.
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 2015 annual MD&A included in the Corporation's 2015 Annual Report and those identified and reported in the Corporation's other public filings (including the Annual Information Form for the year ended December 31, 2015), which may be accessed at www.sedar.com., which may cause actual results, performance or achievements of the Corporation 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 Corporation 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, Hillsdale, Brockville 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.
Contacts:
Brampton Brick Limited
Jeffrey G. Kerbel
President and Chief Executive Officer
Brampton Brick Limited
Trevor Sandler
Vice President, Finance
Brampton Brick Limited
(905) 840-1011
(905) 840-1535 (FAX)
