- Purchase of leading modular building provider instantly expands
ATCO Structures' Canadian business with access to new markets and
customers.
- With a commitment to being the preeminent modular company
within Canada, ATCO Structures now
has the most advanced turnkey modular industry capabilities across
the country.
CALGARY,
AB, Sept. 3, 2024 /CNW/ - ATCO
Ltd. (TSX: ACO.X) (TSX: ACO.Y)
ATCO Structures & Logistics Ltd. (ATCO Structures) has
successfully closed the previously announced acquisition of NRB
Limited (NRB), a leading Canadian manufacturer of modular
industrial, educational and residential buildings, from Dexterra
Group Inc. The purchase, completed for $40 million in cash, was subject to normal
closing adjustments and conditions, including final authorization
of the Canadian Competition Bureau.
ATCO Structures continues to expand its global presence by
introducing new forms of modular construction and expanding our
offering of modular products, with significant recent expansion in
residential product lines.
"The NRB acquisition, along with our recent purchase of Triple M
Housing, the Canadian leader in single family modular housing, has
led to the dramatic growth and diversification of ATCO Structures
and now positions our future operations to provide a full suite of
commercial, industrial, education and all forms of residential
modular products across Canada and
competitively into the United
States," said Adam Beattie,
President, ATCO Structures.
"The addition of highly skilled personnel and strategically
located manufacturing operations enhances ATCO Structures'
capability to provide the highest quality and highly competitive
modular solutions to a market that is calling for fast,
high-quality alternatives to traditional construction," added Mr.
Beattie. "Importantly, this strategy aligns with increasing our
growth potential, positioning us to improve our value creation and
increase shareholder returns while providing an obvious solution to
our country's housing crisis with affordable and readily available
housing."
In business for over 40 years, NRB is one of Canada's largest and longest operating modular
building providers and has been an industry innovator in
multi-family residential modular products. NRB operates four
specialized modular manufacturing locations in British Columbia, Alberta and Ontario.
Over the coming months, ATCO Structures looks forward to
transforming NRB as it exists today to unlock and identify its
growth potential. "In doing so, we'll move from competitors to
colleagues, combining industry innovators and leaders as we move to
quickly integrate operations under a singular purpose for the
future of ATCO Structures," said Mr. Beattie.
With manufacturing facilities in Canada, the United
States, Mexico, Chile and Australia, ATCO
Structures provides global turnkey permanent and temporary modular
solutions for mobile offices, workforce housing, hotels, medical
facilities, schools, multi and single-family housing and more.
As a global enterprise ATCO Ltd. and its subsidiary and
affiliate companies have approximately 20,000 employees and assets
of $26 billion. ATCO is committed to future prosperity by
working to meet the world's essential energy, housing, security and
transportation challenges. ATCO Structures designs, builds and
delivers products to service the essential need for housing and
shelter around the globe. ATCO Frontec provides operational support
services to government, defence and commercial clients. ATCO Energy
Systems delivers essential energy for an evolving world through its
electricity and natural gas transmission and distribution, and
international operations. ATCO EnPower creates sustainable energy
solutions in the areas of renewables, energy storage, industrial
water and alternative fuels. ATCO Australia develops,
builds, owns and operates energy and infrastructure assets.
ATCOenergy and Rümi provide retail electricity and natural gas
services, home maintenance services and professional home advice
that bring exceptional comfort, peace of mind and freedom to
homeowners and customers. ATCO also has investments in ports and
transportation logistics, the processing and marketing of fly ash,
retail food services and commercial real estate. More information
can be found at www.ATCO.com.
Investor & Analyst Inquiries:
Colin Jackson
Senior Vice President Financial Operations
Colin.Jackson@atco.com
403 808 2636
Media Inquiries:
Kurt
Kadatz
Director, Corporate Communications
media@atco.com
587 228 4571
Forward-Looking Information
Advisory
Certain statements contained in this news release may
constitute forward-looking information. Forward-looking information
is often, but not always, identified by the use of words such as
"anticipate", "plan", "estimate", "expect", "may", "will",
"intend", "should", and similar expressions. In particular,
forward-looking information in this news release includes
references to growth, diversification, market expansion,
transformation, value creation and increased shareholder
returns.
Forward-looking information involves known and unknown risks,
uncertainties and other factors that may cause actual results or
events to differ materially from those anticipated in such
forward-looking information. Actual results may differ materially
from those anticipated in the forward-looking information as a
result of regulatory decisions, competitive factors, prevailing
market and economic conditions, changes in laws and regulations and
other factors, many of which are beyond control.
It is believed that the expectations reflected in the
forward-looking information are reasonable, but no assurance can be
given that the expectations will prove to be correct, and such
forward-looking information should not be unduly relied
upon.
Any forward-looking information contained in this news
release represents expectations as of the date hereof, which
are subject to change after such date. The company disclaims
any intention or obligation to update or revise any forward-looking
information whether as a result of new information, future events
or otherwise, except as required by applicable securities
legislation.
SOURCE ATCO Ltd.
