August 12, 2009

Churchill Corp. moving head office from Edmonton to Calgary

The Churchill Corp. has reached an agreement to sell its Triton industrial businesses and move its head office operations from Edmonton to Calgary.

Churchill, which provides building construction, industrial construction and maintenance services throughout Western Canada, has said it will also divest itself of the Edmonton building that houses Triton and Insulation Holdings Inc.

The office of the Churchill CEO, along with certain corporate finance, human resources, investor relations and other corporate centre functions, will be moved from its current location on Davies Road in Edmonton to Calgary.

Insulation Holdings will relocate its corporate office to Churchill's vacant space in Edmonton.

"We are changing our business model to share office space and certain staff functions among our business entities to improve productivity and financial results,” Churchill CEO Jim Houck said in a statement.

The company did not indicate who will be buying its Triton division, but said it expects to net $20 million in the transaction.

The sale will allow Churchill to focus on its three most profitable segments: institutional and commercial building construction; industrial electrical contracting and industrial insulation contracting, the company said.

Churchill’s remaining corporate functions -- internal audit and information technology -- will remain in Edmonton, sharing office space with Laird Electric Inc., which will be moving from Fort McMurray.

Laird will continue to have a Fort McMurray office which will act as the base for Gerry Milligan, Laird's new vice president of operations, the company said.

In an effort to save costs, Insulation Holdings and Laird Electric will be consolidating office space within the existing Laird building in Fort McMurray, a process expected to be completed by the end of September.

-RCD Digital Media

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