Business
Superior Plus Completes Sale of JW Aluminum
Superior Plus Completes Sale of JW Aluminum.
About this update from Superior Plus Corp
[{"type":"text","content":"\n\n\n\nTSX: SPF.UN\n\n\nCALGARY, Dec. 7 /CNW/ - Superior Plus Income Fund (the \"Fund\") announced\ntoday that Superior Plus LP, through its wholly-owned subsidiary Superior Plus\nUS Holdings Inc., has successfully completed the sale of the issued and\noutstanding shares of JW Aluminum Holding Company (\"JWA\"), for a total cash\nconsideration of US $310 million (approximately Cdn. $350 million) on a cash\nand debt free basis to Wellspring Capital Management LLC (\"Wellspring\"). The\nintention to sell JWA had been announced in July of 2006 as part of the Fund's\nstrategic plan to use the proceeds to reduce debt levels and focus on its\nCanadian based businesses. On November 8, 2006, the Fund had announced that it\nhad reached an agreement with Wellspring for the sale of JWA.\n\n\nJWA is a leading manufacturer of specialty, flat-rolled aluminium\nproducts, primarily serving the heating, ventilation and air conditioning,\nbuilding and construction, and flexible packaging end-use markets in the\nUnited States.\n\n\nWayne Bingham, Executive Vice-President and Chief Financial Officer of\nSuperior Plus, said, \"We are very pleased that the sale of JWA was completed\nin a prompt and efficient manner and particularly thank management and the\nemployees of JWA for their cooperation and support. The proceeds from the sale\nwill be used to repay debt and will lower senior debt to EBITDA to 1.8 times\nand total debt to EBITDA to 3.3 times as at September 30, 2006, on a proforma\nbasis adjusted for the disposition of JWA. We continue to deliver on our\nstrategic plan and remain confident that, over time, we will achieve long-term\nprofitability and value based growth.\"\n\n\nAbout the Fund\n\n\n--------------\n\n\nSuperior Plus Income Fund is a diversified business trust. The Fund holds\n100% of Superior Plus LP, a limited partnership formed between Superior Plus\nInc., as general partner and the Fund as limited partner. Superior Plus has\nfour Canadian based operating divisions: Superior Propane is Canada's largest\ndistributor of propane, related products and services; ERCO Worldwide is a\nleading supplier of chemicals and technology to the pulp and paper industries,\na regional Midwest supplier of chloralkali products and the third largest\nproducer of potassium products in North America; Winroc is the seventh largest\ndistributor of wa...