.gif?width=220&height=200&mediaprotectionhash=b13da841472e6e7ed500ee35df2a350aaf53d75246118b33ea2095cc7e9a3fc4&ext=.gif)
Samuel Manu-Tech Completes Sale of Nanticoke Pickling Assets
09/02/2008 - Samuel Manu-Tech completes the sale of its Nanticoke, Ont., steel pickling operations to U.S. Steel Canada for $37.5 million.
Samuel Manu-Tech Inc. announced completion of the sale of its Nanticoke, Ont., steel pickling operations to U.S. Steel Canada for $37.5 million.
"The company remains committed to servicing the Southern Ontario marketplace through its pickling and slitting operations in Stoney Creek," commented Samuel Manu-Tech's Chairman and CEO, Mark Samuel, at the time the sale was announced. “However,” he added, “the sale of the Nanticoke assets also recognizes the company's desire to reallocate capital into higher growth areas”.
The all-cash transaction will result in the recognition of a gain of approximately $9.6 million net of pension wind-up, severance and other related costs. The company said it will use all proceeds to repay a portion of its existing revolving term loan credit facilities.
The company also noted that the deal is subject to normal closing adjustments
Samuel Manu-Tech Inc. is a leading North American industrial products and technology company producing a wide range of steel, plastic and related industrial products and services from locations in Canada, the United States and Mexico.
