July 14, 2008

Armtec acquires A.E. Concrete Precast Products

Armtec Infrastructure Income Fund has acquired a British Columbia-based company in order to expand its presence in the market for precast concrete in Western Canada.

The Ontario-based company recently announced that it has completed the acquisition of the outstanding shares of privately held A.E. Concrete Precast Products Ltd. for $19 million.

It has a production facility in Surrey, B.C., where it manufactures and supplies precast concrete standard products to the B.C. and Washington State infrastructure and residential markets.

“Our acquisition of AE Concrete strengthens the Fund’s position in the growing infrastructure markets in Western Canada,” said Chuck Phillips, Armtec’s president and CEO, in a statement.

A.E. Concrete manufactures several types of utility vaults and ancillary products, and a versatile precast retaining wall system that will be offered by all of Armtec’s divisions.

According to Phillips, Armtec already established a presence in Western Canada through the acquisition of Con-Force, which has plants in Richmond and Winnipeg, as well as a head office in Calgary.

The Con-Force division designs and manufactures a wide range of bridging and construction products, including a bridge girder system that allows for some of the longest spans available in precast concrete technology.

A.E. Concrete has annual sales of about $17.5 million and employs 79 workers.

– JOC News Service

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