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Stella-Jones Signs Agreement to Acquire Texas Electric Cooperatives, Inc.’s Wooden Pole Manufacturing Business, The Canadian Business Journal

MONTREAL, September 15, 2022 (GLOBE NEWSWIRE) — Stella-Jones Inc. (TSX: SJ) (“Stella-Jones” or the “Company”) today announced that substantially all Texas Electric Cooperatives, Inc. TEC”) with a total purchase price of $28 million and approximately $4 million in inventory.

TEC uses creosote and CCA preservatives to manufacture southern yellow pine utility poles at its wood processing facility in Jasper, Texas. For the year ended December 31, 2021, Wood Pole’s sales totaled US$28 million. “With this acquisition, 43rd It will enhance Stella-Jones’ products and expand its ability to meet the growing needs of the North American utility pole industry, while optimizing the overall efficiency of the company’s continental network. ’ Jones. “We look forward to welcoming Jasper facility employees to his team of more than 2,400 employees across North America.”

The transaction is expected to close by the end of 2022 and is subject to customary closing conditions. Stella-Jones intends to fund the transaction using existing lines of credit.

about Stella Jones
Stella-Jones Inc. (TSX: SJ) is a leading manufacturer of pressure-treated wood products in North America. We supply wooden utility poles to all major power and telecommunications companies on the continent, and rail sleepers and lumber to class 1, short-haul, and commercial rail operators in North America. Stella-Jones also offers industrial products such as railway bridge and railroad crossing timbers, offshore and foundation piles, construction timbers, and coal tar-based products. In addition, the company manufactures and sells premium treated residential lumber and accessories for outdoor applications to retailers in Canada and the United States. The majority of our business is dedicated to serving the Canadian market through our domestic manufacturing and distribution network. Our common stock is listed on the Toronto Stock Exchange.

Except for the historical information contained herein, this press release contains forward-looking information and statements regarding the proposed acquisition described herein. These statements are based on management’s best possible assessment of assumptions, risks, uncertainties and future events. Such risks and uncertainties include, without excluding other considerations, our failure to meet the closing conditions and our inability to complete or otherwise delay the completion of the proposed acquisition. included. As a result, actual results may differ from those expected and readers are advised not to place undue reliance on forward-looking information.

sauce: Stella Jones Co., Ltd.
contact address: Silvana Travaglini, CPA, California Martin Goulet, MSc, CFA
Senior Vice President and
CFO
Stella Jones
MBC Capital Markets Advisor
Phone: (514) 934-8660 Phone: (514) 731-0000
[email protected] [email protected]


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Stella-Jones Signs Agreement to Acquire Texas Electric Cooperatives, Inc.’s Wooden Pole Manufacturing Business, The Canadian Business Journal

Source link Stella-Jones Signs Agreement to Acquire Texas Electric Cooperatives, Inc.’s Wooden Pole Manufacturing Business, The Canadian Business Journal

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