Business
Wajax Income Fund acquires Midwest Detroit Diesel-Allison Ltd.
Wajax Income Fund acquires Midwest Detroit Diesel-Allison Ltd..
About this update from Wajax Corporation
[{"type":"text","content":"\n\n\n\n\nEDMONTON, Nov. 7 /CNW/ - Waterous Power Systems (\"WPS\") is pleased to\nannounce the acquisition of Midwest Detroit Diesel-Allison Ltd. (\"Midwest\nDDA\") by its parent company, Wajax Income Fund (\"Wajax\" or the \"Fund\")\n(TSX:WJX.UN).\nHeadquartered in Winnipeg, Manitoba, Midwest DDA is the \nfactory-authorized distributor for Detroit Diesel/MTU diesel engines and\nAllison heavy-duty transmissions with responsibility for the area including\nSaskatchewan, Manitoba, western Ontario, Northwest Territories and Nunavut.\nAlso included in the sale is the Midwest Power Products division, which\nis the Canadian distributor for Electro-Motive Diesel (EMD), Guascor and\nLister-Petter diesel engines as well as other complementary product lines.\nMidwest Power Products has an exclusive Canadian distribution agreement with\nEMD of LaGrange, Illinois, a leading manufacturer of large diesel engines used\nworldwide in marine, rail, power generation and other industrial applications.\nMidwest DDA currently employs approximately 100 staff with annual\nrevenues in excess of $22M CAD. The principal source of income is derived from\nthe parts, sales and service support of Detroit Diesel and Allison\ntransmission products used in on-highway applications. Additional revenue\ncomes from the Midwest Power Products group, which focuses on markets for\npower generation, mining, marine and other industrial applications.\nEffective November 1, 2005, Midwest DDA will become a wholly owned\nsubsidiary of Wajax and will be integrated within Waterous Power Systems. With\nannual sales in excess of $135M CAD and more than 320 employees, Waterous is\nCanada's largest distributor of Detroit Diesel/MTU engines and Allison\ntransmissions.\nHeadquartered in Edmonton, Alberta, Waterous Power Systems is a major\nsupplier of parts, sales and service to customers in western Canada and\nCanada's north. In addition to the representation of Detroit Diesel/MTU and\nAllison Transmission product lines, Waterous Power Systems is the Canadian\ndistributor for GE Energy, supporting parts, sales and service of Jenbacher\ngaseous-fueled industrial engines.\n\"Waterous Power Systems is pleased to welcome the employees of Midwest\nDDA and Midwest Power Products. The integration of the four Midwest DDA branch\nlocations coupled with the existing seven Waterous facilities...