TSX Symbol: WJX
TORONTO, Jan. 31, 2022 /CNW/ - Wajax Corporation
("Wajax" or the Corporation") today announced that it
has acquired the net operating assets of Thunder Bay, Ontario-based Process Flow
Systems Ltd. ("Process Flow"). Pursuant to the terms of the
acquisition agreement entered into between Wajax and Process Flow,
the assets of Process Flow were acquired in exchange for cash
consideration of approximately $3.96
million, plus a three-year performance-based earnout of up
to $650,000 in the aggregate, payable
in cash.
Founded in 1985, Process Flow is a specialist provider and
engineered integrator of industrial process pumps, valves and
monitoring and control systems. Serving customers in a range of
industries, including mining, pulp and paper, water and wastewater
management, and energy generation, Process Flow operates one branch
location and employs four people.
Iggy Domagalski, President and
Chief Executive Officer of Wajax, stated "We are pleased to welcome
Process Flow to the Wajax family. With it comes long-established
customer and supplier relationships, and a team highly regarded for
their technical expertise and customer service. Aligning with
Wajax's Industrial Parts and Engineered Repair Services growth
strategy, the addition of Process Flow enhances our industrial
process capabilities for customers in Ontario."
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 through our core capabilities; and
our belief that achieving excellence in our areas of core
capability will position Wajax to create value for its customers,
employees, vendors and shareholders. These statements are based on
a number of assumptions which may prove to be incorrect, including,
but not limited to, our ability to successfully manage our business
through the COVID-19 pandemic and actions taken by governments,
public authorities, suppliers and customers in response to the
novel coronavirus and its variants; general business and economic
conditions; the supply and demand for, and the level and volatility
of prices for, oil, natural gas and other commodities; financial
market conditions, including interest rates; our ability to execute
our Strategic Plan, including our ability to develop our core
capabilities, execute on our organic growth priorities, complete
and effectively integrate acquisitions, such as Process Flow, and
to successfully implement new information technology platforms,
systems and software; the future financial performance of the
Corporation; our costs; market competition; our ability to attract
and retain skilled staff; our ability to procure quality products
and inventory; and our ongoing relations 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, the geographic spread and ultimate impact
of the COVID-19 virus and its variants, and the duration of the
coronavirus pandemic; the duration and severity of travel, business
and other restrictions imposed by governments and public
authorities in response to COVID-19, as well as other measures that
may be taken by such authorities; actions taken by our suppliers
and customers in relation to the COVID-19 pandemic, including
slowing, reducing or halting operations; a continued or
prolonged deterioration in general business and economic conditions
(including as a result of the COVID-19 pandemic); volatility 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; fluctuations in financial market
conditions, including interest rates; the level of demand for, and
prices of, the products and services we offer; levels of customer
confidence and spending; market acceptance of the products we
offer; 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 disruptions caused by the COVID-19
pandemic), job action and unanticipated events related to health,
safety and environmental matters); our ability to attract and
retain skilled staff and our ability to maintain our relationships
with 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 Annual
Information Form for the year ended December
31, 2020 (the "AIF"), in our annual MD&A for
financial risks, and in our most recent quarterly MD&A, all of
which have been filed on SEDAR. The forward-looking statements
contained in this news release 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 AIF, and
in our annual and quarterly MD&A, are not the only risks that
could impact the Corporation. We cannot accurately predict the full
impact that COVID-19 will have on our business, results of
operations, financial condition or the demand for our products and
services due to the uncertainties related to the spread of the
virus and its variants. 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