LONGUEUIL, Que. — The Canam Manac Group has retained the services of Banc of America Securities LLC to sell, totally or partially, the company’s American and Mexican steel joist and steel deck manufacturing operations.
The company will continue to offer steel joists and steel decks in Canada and in New England, and will also continue to work on heavy structural steel projects throughout North America.
Marc Dutil, president and COO, explained that the mandate given to Banc of America Securities LLC consists in identifying and evaluating all the available options meeting Canam Manac’s objectives. These objectives are related to the on-going financial health and job security for the US and Mexican operations, as well as the interests of Canam Manac shareholders.
Dutil said that their modern plants and experienced personnel will allow a partner or potential buyer to quickly establish or significantly consolidate its position in the American and Mexican markets.
The five plants located in Point of Rocks, Md., Jacksonville, Fla., Columbus, Ohio, Washington, Mo., and Sunnyside, Wash., make Canam Steel Corporation the second largest steel joist manufacturer in the U.S. As for Grupo Canam Manac, it operates two plants in Monterrey and Ciudad Juarez in Mexico. Together the subsidiaries employ 1,096 people and have a total production capacity of 373,000 tons. Sales from its activities amounted to approximately CAN$200,000,000 in 2002.
The Canam Manac Group would like to complete a transaction by the end of 2003.
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