ZCL Composites Inc. Acquires Triple M Fiberglass6 April 2005
ZCL Composites Inc. ("ZCL" or "the Company") is pleased to announce that it has completed the purchase of 100% of the shares of the Triple M Fiberglass business ("Triple M"), a privately-held fiberglass manufacturer, located in Edmonton, Alberta. The total purchase price, paid on
closing, was approximately $1,900,000, subject to final adjustments.
Triple M manufactures and assembles fiberglass aboveground and underground tanks (including Underwriters' Laboratories of Canada (ULC) listed products), vessels, pipe and other custom environmental products. Triple M serves the oil and gas, chemical, mining, utilities, government, and pulp and paper industry sectors. Revenue of Triple M for the past year was
approximately $4 million. Mr. Glenn Maber and Mr. Dan Moran, the former owners of Triple M, will continue to be part of the management of this subsidiary and its 45 employees.
"We are very pleased to have Triple M join the ZCL group," said Ven Côté, President and CEO of ZCL. "Triple M's specialized products and unique manufacturing expertise complement and add considerable strength to our core business - they expand our manufacturing capability and bring us new products and new markets. This acquisition is another step towards our vision to be the leading global provider of environmentally-friendly liquid storage solutions."
ZCL Composites Inc. trades on the Toronto Stock Exchange under the symbol "ZCL" and is Canada's largest manufacturer of fiberglass underground storage tanks. The Company's complete fuel storage systems marketed under the "Prezerver" trademark carry a $2 million warranty against pollution.
For further information: Venence G. Côté, President & CEO, ZCL Composites Inc., (780) 466-6648, ven.cote@zcl.com; Tony G. Barlott, V.P. Finance & CFO, ZCL Composites Inc., (780) 466-6648, tony.barlott@zcl.com
Source: CNW Group
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