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TOROMONT ANNOUNCES INVESTMENT IN AVL MANUFACTURING INC.
TOROMONT ANNOUNCES INVESTMENT IN AVL MANUFACTURING INC. Canada NewsWire ...
About this update from Toromont Industries Ltd.
[{"type":"text","content":"\n\n\n\n TOROMONT ANNOUNCES INVESTMENT IN AVL MANUFACTURING INC.\n \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 Canada NewsWire\n \n\n\n\n\n\n\n\n\n\n\n\n\n TORONTO\n \n\n ,\n \n\n Feb. 3, 2025\n \n\n /CNW/ - Toromont Industries Ltd. (TSX: TIH) announced that it has acquired a 60% ownership of AVL Manufacturing Inc. (\"AVL\"), a leader in the design and fabrication of power generation and storage enclosures.  AVL operates in\n \n Hamilton, Ontario\n \n , and currently serves the data centre market across eastern\n \n North America\n \n . The purchase price for the transaction will be paid in a combination of cash (using available funds) and shares of Toromont.  The transaction is subject to customary post-closing adjustments. Additionally, Toromont has committed to purchasing the remaining 40% ownership at agreed upon dates through to 2031 based upon underlying business performance. The acquisition, while accretive, is not expected to have an overall material impact on Toromont's combined revenue, earnings or balance sheet in the near-term.\n \n\n \"Enclosures for standby and prime power are part of an important and growing market segment in\n \n North America\n \n , which includes supporting leading technology companies data centre needs,\" said\n \n Mike McMillan\n \n , President and CEO of Toromont. \"This acquisition adds complementary capabilities to our product and service offerings, secures supply for our Toromont Power Systems business, and provides the opportunity to expand our market to other regions.  We are pleased to welcome the AVL team to the Toromont family and we look forward to building our business together.\"\n \n\n \"AVL Manufacturing will continue to operate as it does today, under the leadership of\n \n Vince DiCristofaro\n \n , President of AVL,\" added McMillan.  \"This will enable a smooth transition and support business continuity going forward for our customers and new team members.\"\n \n\n \"On behalf of the entire team at AVL, we look forward to partnering with Toromont as we leverage our combined skills...