Sanexen Environmental Purchases Niedner for $13.4 Million
Logistec Corporation, a diversified cargo handler in eastern Canadian and U.S. ports, as well as an environmental service provider whose services include PCB management, site remediation and trenchless structural rehabilitation of watermains, announced Oct. 30 that it has acquired, via its subsidiary Sanexen Environmental Services Inc., the Niedner business for cash consideration of US$13.4 million.
For the past ten years, Niedner, a leading North American fire-hose manufacturer, has been the exclusive supplier to Sanexen of one crucial component of Aqua-Pipe(TM), the structural lining developed by Sanexen used to rehabilitate watermains. Niedner benefits from its capacity to produce large diameter hoses, as well as a research and development team; both being unique in North America.
“For Sanexen, this acquisition is strategic as the watermain rehabilitation market is growing rapidly and production control for the Aqua-Pipe(TM) lining was becoming critical,” said Madeleine Paquin, President and Chief Executive Officer of Logistec Corporation.
Niedner will become a wholly-owned subsidiary of Sanexen and, with this acquisition, Sanexen pursues its mission to become a leader in the watermain rehabilitation market.
Logistec Corporation is based in Montreal (QC) and provides specialized services to the marine community and industrial companies in the areas of container, break-bulk and bulk cargo handling at 20 ports in Eastern Canada, the Great Lakes and the U.S. East Coast; including a short-line railway linked to a coal-handling operation in Cape Breton (NS); agency services to foreign shipowners and operators serving the Canadian market; marine transportation services geared primarily to the Arctic coastal trade; and PCB management, site remediation, trenchless structural rehabilitation of watermains, and risk assessment. The Company has been profitable and has paid regular dividends since becoming public and payments have grown steadily over the years.
A public company since 1969, Logistec Corporation’s shares are listed on the Toronto Stock Exchange under the ticker symbols LGT.A and LGT.