May 12 2004
ZCL Composites Inc. is pleased to announce that it has completed the acquisition of the business assets of Durex Steel & Alloy Industries Ltd. (“Durex”), a privately-held steel fabricator, located in Edmonton, Alberta. The purchase price for the assets was approximately $1,000,000, paid on closing.
Durex manufactures steel aboveground storage tanks (“AGST”), including double wall ULC listed products for the retail petroleum industry, and custom steel tanks for the upstream petroleum and other markets. Durex was a supplier of steel AGST to the Company, for use in the production of fibreglass-lined storage systems.
“Aboveground storage systems are a significant portion of both the upstream and retail (downstream) tank markets.” said Ven Côté, President & CEO of ZCL. “This acquisition complements our current fibreglass-lined AGST products for the upstream market. More significantly, this acquisition allows us to access the retail market which has eluded us until now. We will move forward with the expansion of our tank manufacturing and lining operations, and offer a complete package to our existing alliance customers as well as to new customers.”
ZCL Composites Inc. trades on the Toronto Stock Exchange under the symbol “ZCL” and is Canada’s largest manufacturer of fiberglass underground storage tanks. ZCL’s complete fuel storage systems marketed under the “Prezerver” trademark carry a $2 million warranty against pollution.
For more information on storage tanks, click here.