TSX Symbol: WJX
TORONTO, September 1,
2023 /CNW/ - Wajax Corporation ("Wajax" or the
Corporation") today announced that it has acquired all of
the issued and outstanding shares of Sault Ste. Marie, Ontario-based Beta Fluid
Power Ltd. ("Beta Fluid") and Beta Industrial Ltd. ("Beta
Industrial"). Beta Fluid is a leading regional supplier of
hydraulic and pneumatic equipment for use in the industrial, mining
and construction sectors. It also offers hydraulic and pneumatic
maintenance, repair and replacement services, including mobile
services. Beta Industrial provides a wide range of on-site facility
repair and maintenance services to local and regional customers.
Together Beta Fluid and Beta Industrial employ a team of
approximately forty-two full-time employees.
"Since 1997, the Beta team has developed a reputation for
dependability and excellent customer service, and we are very
pleased to welcome them to the growing Wajax family," said
Iggy Domagalski, President and Chief
Executive Officer of Wajax. He continued, "Through acquisitions
such as Beta, and our recently completed Polyphase Engineered
Controls acquisition in Alberta,
we continue to execute our Industrial Parts and Engineered Repair
Services growth strategy, adding sought-after technical
capabilities and expanding the services we offer to customers
across the country. We look forward to further additions to our
Industrial Parts and Engineered Repair Services portfolio as we
continue to develop our acquisition pipeline."
The transaction will be subject to normal post-closing
adjustments.
Wajax Corporation
Founded in 1858, Wajax (TSX: WJX) is one of Canada's longest standing and most diversified
industrial products and services providers. The Corporation
operates an integrated distribution system providing sales, parts
and services to a broad range of customers in diverse sectors of
the Canadian economy, including construction, forestry, mining,
industrial and commercial, oil sands, transportation, metal
processing, government and utilities and oil and gas.
The Corporation's goal is to be Canada's leading industrial products and
services provider, distinguished through its three core
capabilities: sales force excellence, the breadth and efficiency of
repair and maintenance operations, and the ability to work closely
with existing and new vendor partners to constantly expand its
product offering to customers. The Corporation believes that
achieving excellence in these three areas will position it to
create value for its customers, employees, vendors and
shareholders.
For more information on Wajax, please visit the company's
website at https://www.wajax.com.
Cautionary Statement Regarding Forward-Looking
Information
This news release contains certain forward-looking statements
and forward-looking information, as defined in applicable
securities laws (collectively, "forward-looking
statements"). These forward-looking statements relate to future
events or the Corporation's future performance. All statements
other than statements of historical fact are forward-looking
statements. Often, but not always, forward looking statements can
be identified by the use of words such as "plans", "anticipates",
"intends", "predicts", "expects", "is expected", "scheduled",
"believes", "estimates", "projects" or "forecasts", or variations
of, or the negatives of, such words and phrases or state that
certain actions, events or results "may", "could", "would",
"should", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors beyond the Corporation's ability to
predict or control which may cause actual results, performance and
achievements to differ materially from those anticipated or implied
in such forward-looking statements. To the extent any
forward-looking information in this news release constitutes
future-oriented financial information or financial outlook within
the meaning of applicable securities law, such information is being
provided to demonstrate the potential of the Corporation and
readers are cautioned that this information may not be appropriate
for any other purpose. There can be no assurance that any
forward-looking statement will materialize. Accordingly, readers
should not place undue reliance on forward-looking statements. The
forward-looking statements in this news release are made as of the
date of this news release, reflect management's current beliefs and
are based on information currently available to management.
Although management believes that the expectations represented in
such forward-looking statements are reasonable, there is no
assurance that such expectations will prove to be correct.
Specifically, this news release includes forward looking statements
regarding, among other things, our goal of becoming Canada's leading industrial products and
services provider, distinguished by our sales force excellence, the
breadth and efficiency of our repair and maintenance operations,
and our ability to work closely with existing and new vendor
partners to constantly expand our product offering to customers,
together with our belief that achieving excellence in these three
areas will position us to create value for our customers,
employees, vendors and shareholders; and the continued execution of
our Industrial Parts and Engineered Repair Services strategy,
including our intention to add technical capabilities and expand
the services we offer to customers across the country, and further
additions to our Industrial Parts and Engineered Repair Services
portfolio as we continue to develop our acquisition pipeline. These
statements are based on a number of assumptions which may prove to
be incorrect, including, but not limited to, assumptions regarding:
the absence of significant negative changes to general business and
economic conditions; limited negative fluctuations in the supply
and demand for, and the level and volatility of prices for, oil,
natural gas and other commodities; the stability of financial
market conditions, including interest rates; our continued ability
to execute our One Wajax strategy, including our ability to execute
on our organic growth priorities, complete and effectively
integrate acquisitions, such as Beta Fluid, Beta Industrial and
Polyphase, and successfully implement new information technology
platforms, systems and software, such as our ERP system; the
receding effects of the COVID-19 pandemic and actions taken by
governments, public authorities, suppliers and customers in
response to the COVID-19 virus and its variants; the future
financial performance of the Corporation; limited fluctuations in
our costs; the level of market competition; our continued ability
to attract and retain skilled staff; our continued ability to
procure quality products and inventory; and our ongoing maintenance
of strong relationships with suppliers, employees and customers.
The foregoing list of assumptions is not exhaustive. Factors that
may cause actual results to vary materially include, but are not
limited to: a continued or prolonged deterioration in general
business and economic conditions, including as a result of new
COVID-19 variants or armed conflicts between nations; supply chain
disruptions and shortages related to or arising from the impacts of
COVID-19 or armed conflicts between nations; fluctuations in
financial market conditions, including interest rates; the impacts
of new COVID-19 variants, including the duration and severity of
travel, business and other restrictions imposed by governments and
public authorities in response to such variants; actions taken by
our suppliers and customers in relation to new COVID-19 variants,
including slowing, reducing or halting operations; negative
fluctuations in the supply and demand for, and the level of prices
for, oil, natural gas and other commodities; a continued or
prolonged decrease in the price of oil or natural gas; the level of
demand for, and prices of, the products and services we offer; a
decrease in levels of customer confidence and spending; decreased
market acceptance of the products we offer; the termination of
distribution or original equipment manufacturer agreements;
unanticipated operational difficulties (including failure of plant,
equipment or processes to operate in accordance with specifications
or expectations, cost escalation, our inability to reduce costs in
response to slow-downs in market activity, unavailability of
quality products or inventory, supply disruptions (including those
caused by or related to new COVID-19 variants), job action and
unanticipated events related to health, safety and environmental
matters); our inability to attract and retain skilled staff and our
inability to maintain strong relationships with our suppliers,
employees and customers. The foregoing list of factors is not
exhaustive. Further information concerning the risks and
uncertainties associated with these forward-looking statements and
the Corporation's business may be found in our MD&A for the
year-ended December 31, 2022 (the
"2022 MD&A"), which has been filed under the
Corporation's profile on SEDAR at www.sedar.com, under the heading
"Risk Management and Uncertainties". The forward-looking statements
contained in this MD&A are expressly qualified in their
entirety by this cautionary statement. The Corporation does not
undertake any obligation to publicly update such forward-looking
statements to reflect new information, subsequent events or
otherwise unless so required by applicable securities laws.
Readers are cautioned that the risks described in the 2022
MD&A are not the only risks that could impact the Corporation.
Risks and uncertainties not currently known to the Corporation, or
currently deemed to be immaterial, may have a material effect on
the Corporation's business, financial condition or results of
operations.
Additional information, including Wajax's Annual Report, is
available on SEDAR at www.sedar.com.
SOURCE Wajax Corporation