Business
Atlas Engineered Products (AEP) Completes Acquisition of Key Assets of Trusstem Industries Inc.
Atlas Engineered Products (AEP) Completes Acquisition of Key Assets of Trusstem Industries...
About this update from Atlas Engineered Products Ltd.
[{"type":"text","content":"\n\n\n\nAtlas Engineered Products (AEP) Completes Acquisition of Key Assets of Trusstem Industries Inc.\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nNANAIMO, BC, July 21, 2020\n\n\n\nNANAIMO, BC, July 21, 2020 /CNW/ - Atlas Engineered Products (\"AEP\" or the \"Company\") (TSX-V: AEP) (OTC Markets: APEUF) announced today that, further to is news release dated July 14, 2020, the Company has now completed the acquisition of selected assets (the \"Asset Acquisition\") of Trusstem Industries Inc. (the \"Trusstem\"), marking a major milestone in AEP's plans for expansion into the Lower Mainland region of British Columbia. \n\"We have been evaluating several opportunities in Western Canada for quite some time now. There is significant market demand for AEP's products and services, and our Vancouver Island location is performing at record levels. COVID-19 has highlighted AEP's organizational and geographical strengths. With the minimal impacts experienced in the BC building environment during the pandemic, we have made expanding our footprint in British Columbia a priority,\" says Dirk Maritz, AEP's CEO & President. \"With this acquisition we not only expand our overall geographic footprint, but we enter into the thriving Lower Mainland BC market. AEP can serve this market with pre-manufactured wall-panels, manufactured floor trusses, I-joists, LVL options, open web floors, roof trusses and other engineered wood products.\"\nThe Asset Acquisition was completed through AEP's newest company, Novum Building Components Ltd. (\"Novum\"). The Asset Acquisition was purchased for $350,000 in cash, with 50% of the purchase price paid on closing, and the remaining 50% payable equal monthly installments over 3 years. Novum will be located in Abbotsford, British Columbia and is expected to begin operations immediately. The new operations will be rebranded under the Novum name, meaning 'new and innovative'.\nAEP has identified under-utilized manufacturing assets across the group and will be refurbishing and upgrading them for installation at Novum in addi...