EDMONTON, Nov. 7 /CNW/ - Waterous Power Systems ("WPS") is pleased to
announce the acquisition of Midwest Detroit Diesel-Allison Ltd. ("Midwest
DDA") by its parent company, Wajax Income Fund ("Wajax" or the "Fund")
(TSX:WJX.UN).
Headquartered in Winnipeg, Manitoba, Midwest DDA is the
factory-authorized distributor for Detroit Diesel/MTU diesel engines and
Allison heavy-duty transmissions with responsibility for the area including
Saskatchewan, Manitoba, western Ontario, Northwest Territories and Nunavut.
Also included in the sale is the Midwest Power Products division, which
is the Canadian distributor for Electro-Motive Diesel (EMD), Guascor and
Lister-Petter diesel engines as well as other complementary product lines.
Midwest Power Products has an exclusive Canadian distribution agreement with
EMD of LaGrange, Illinois, a leading manufacturer of large diesel engines used
worldwide in marine, rail, power generation and other industrial applications.
Midwest DDA currently employs approximately 100 staff with annual
revenues in excess of $22M CAD. The principal source of income is derived from
the parts, sales and service support of Detroit Diesel and Allison
transmission products used in on-highway applications. Additional revenue
comes from the Midwest Power Products group, which focuses on markets for
power generation, mining, marine and other industrial applications.
Effective November 1, 2005, Midwest DDA will become a wholly owned
subsidiary of Wajax and will be integrated within Waterous Power Systems. With
annual sales in excess of $135M CAD and more than 320 employees, Waterous is
Canada's largest distributor of Detroit Diesel/MTU engines and Allison
transmissions.
Headquartered in Edmonton, Alberta, Waterous Power Systems is a major
supplier of parts, sales and service to customers in western Canada and
Canada's north. In addition to the representation of Detroit Diesel/MTU and
Allison Transmission product lines, Waterous Power Systems is the Canadian
distributor for GE Energy, supporting parts, sales and service of Jenbacher
gaseous-fueled industrial engines.
"Waterous Power Systems is pleased to welcome the employees of Midwest
DDA and Midwest Power Products. The integration of the four Midwest DDA branch
locations coupled with the existing seven Waterous facilities, gives us a
substantial distribution area in North America, and access to a wide variety
of sales opportunities with the addition of key product lines such as EMD"
comments Mr. Terry Keefe, President & General Manager of Waterous Power
Systems.
ABOUT WATEROUS POWER SYSTEMS
Waterous Power Systems, headquartered in Edmonton, Alberta Canada, is the
authorized distributor for MTU/Detroit Diesel engines and Allison
transmissions throughout Alberta and Canada's North, as well as the authorized
distributor for GE Energy in Canada. Waterous is recognized as an industry
leader in the supply of high performance, durable and reliable products,
parts, service and training to the transportation, petroleum, mining,
forestry, construction, military and power generation markets.
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