Business
Atlas Engineered Products Pays $2.2 Million Balance of Closing Price for Sixth Acquisition
Atlas Engineered Products Pays $2.2 Million Balance of Closing Price for Sixth Acquisition...
About this update from Atlas Engineered Products Ltd.
[{"type":"text","content":"\n\n\n\nAtlas Engineered Products Pays $2.2 Million Balance of Closing Price for Sixth Acquisition\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, March 26, 2019\n\n\n\nNANAIMO, BC, March 26, 2019 /CNW/ - Atlas Engineered Products (\"AEP\" or the \"Company\") (TSX-V: AEP)(OTC Markets: APEUF) reports today it has paid the outstanding closing cash payment of $2.2 million related to its acquisition of South Central Building Systems Ltd. (\"South Central\").  \nThe purchase aligns with AEP's strategy of acquiring and operating profitable, well-established companies in Canada's truss and engineered products industry. South Central, located in Carman, Manitoba, is a profitable operation with efficient automation, capacity to increase outputs, and a loyal and growing customer base covering more than 25 communities. The plant also provides easy access to the large Winnipeg market, as well as offering potential entry into the northern parts of Minnesota and North Dakota. \nThe purchase is AEP's sixth acquisition in just over a year and expands the Company's cash-flowing portfolio and footprint into a third province, to now include B.C., Ontario and Manitoba. \n\"We are strengthening the financial and operational performance of these acquired companies through standardized best practices, dedicated sales outreach, cost efficiencies and extended product mix. While focusing on these steps as the shortest pathway to profitability as a combined group, we intend to continue our strategic acquisition path,\" says Dirk Maritz, President and CEO of AEP. \"Our vision is to create a national family of operating companies deeply entrenched in serving regional construction markets.\" \nTo acquire South Central, AEP agreed to pay an aggregate purchase price of $3.4 million, consisting of $2.5 million payable on closing in the form of cash and assumed or refinanced debts, one million AEP common shares valued at an agreed upon price of $0.40 per share, and $500,000 payable in five equal monthly instalments, with the first instalment payment due in the th...