Business
Horizon North Logistics Inc. Announces Successful Purchase of Alberta-Based Custom Manufacturing Business and New Executive Appointment
Horizon North Logistics Inc. Announces Successful Purchase of Alberta-Based Custom Manufac...
About this update from Dexterra Group, Inc.
[{"type":"text","content":"\n\n\n\nHorizon North Logistics Inc. Announces Successful Purchase of Alberta-Based Custom Manufacturing Business and New Executive Appointment\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\nCALGARY, Nov. 1, 2018\n\n\n\nCALGARY, Nov. 1, 2018 /CNW/ - Horizon North Logistics Inc. (\"Horizon North\" or the \"Corporation\") (TSX: HNL.TO) announced today that the Corporation has successfully closed a purchase of the custom manufacturing business (the \"Business\") of C&V Portable Accommodations Ltd. (\"C&V\") and appointed Luke Harrison as Vice President, Business Development, Modular Solutions.\nPurchase of Assets of C&V Custom Modular Manufacturing\nToday, Horizon North acquired the assets comprising the custom modular manufacturing division of C&V. The $4.0 million all-cash total purchase price includes an existing leasehold on 86,000 square feet of manufacturing space in Rocky View County, Alberta, as well as employees, equipment, working capital, and certain intangible assets (the \"Purchased Assets\"). Specifically excluded from the Purchased Assets were C&V's existing 330 wellsite rental units and assets related to the rental business, as well as the brand name of C&V.\nThe manufacturing facility and the assets will be used to increase capacity for the Corporation's Modular Solutions division and to gain access to desirable markets. \"The purchase of this Alberta-based business is an ideal fit for the growth strategy of Horizon North's Modular Solutions division, with a facility well-equipped to produce a high volume of commercial product, a skilled workforce already in place, and a strong baseline of existing business,\" says Rod Graham, President and Chief Executive Officer of Horizon North. \"With a strategic location just east of Calgary, the addition of this facility will allow us to leverage reduced transportation costs to expose ourselves to modular construction opportunities in Alberta and Saskatchewan.\"\n\"The solutions we are providing from our manufacturing facilities in Kamloops and Aldergrove, British Colum...