CALGARY,
AB, June 5, 2024 /CNW/ - ATCO Ltd.
(TSX: ACO.X) (TSX: ACO.Y)
ATCO Ltd. announced today that its Structures division has
acquired NRB Ltd. (NRB), a leading Canadian manufacturer of modular
industrial, educational and residential buildings for a purchase
price of $40 million, payable in cash
and subject to normal closing adjustments and conditions, including
competition bureau review. The transaction is expected to close
near the end of July 2024.
"ATCO is excited about the opportunity to expand NRB's modular
business capabilities, particularly in the manufacturing of
multi-family and affordable housing modular construction
solutions," said Adam Beattie,
President of ATCO Structures. "There is no doubt that NRB has been
a market leader in this space, we want to continue to build on this
expertise, and we believe ATCO, a Canadian company that has
pioneered the modular industry globally, is a fantastic complement
to bring out the best in NRB's future."
NRB has close to 400 employees and four manufacturing facilities
across Canada, three of which are
in new markets that ATCO Structures currently doesn't manufacture
in today, expanding its ability to supply turnkey modular solutions
across Canada. A subsidiary of the
Dexterra Group, NRB has been a trusted name in the offsite building
industry for 45 years. "We wish the NRB team all the best as
they begin a new chapter under ATCO's leadership and we are
confident they will continue to deliver quality modular products
and projects to their valued clients," said Mark Becker, CEO of Dexterra.
The acquisition of NRB is a material step in ATCO Structures'
plans to expand its manufacturing, operations and sales footprint,
and grow the modular residential market. "Offsite construction is
the emerging alternative to traditional construction and ATCO is
aligned with governments, housing advocacy groups and prospective
homeowners in that modular housing can play a bigger role in
meeting society's need for quality and affordable housing
solutions," added 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 $25 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 clean 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, Finance, Treasury & Sustainability
Colin.Jackson@atco.com (403) 808 2636
Media Inquiries:
Kurt
Kadatz
Director, Corporate Communications
Kurt.Kadatz@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 the acquisition of NRB and the anticipated closing
date of the transaction, the opportunity to expand NRB's modular
business capabilities, and ATCO Structures' plans to expand its
manufacturing operations and sales footprint and grow the modular
residential market.
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, availability of sellers, 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 the Company's expectations as of the date hereof
and is 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.
