September 10, 2007

Concrete

Armtec buys Con-Force for $120 million

Preform and precast concrete manufacturer positioned for further expansion

GUELPH, ON

Armtec has entered into an agreement to buy Con-Force business interests for an estimated $120 million.

Con-Force is a leading manufacturer of precast and pre-stressed concrete in Western Canada. Founded in 1949, Con-Force has developed a strong reputation for providing innovative and quality engineered solutions. Con-Force focuses on high value-added products requiring significant engineering and manufacturing expertise.

With approximately 40 in-house engineers and drafts people and three large-scale, specialized production facilities in British Columbia, Alberta and Manitoba, Con-Force is able to service large infrastructure construction projects requiring specialized engineered solutions.

With revenue of $109.8 million for the 12 months ending July 31, management believes Con-Force is the market leader in Western Canada.

Armtec's acquisition of Con-Force is a transformational step forward for our company and our unit-holders,” said Charles M. Phillips, President and CEO of Armtec.

“It builds on our growth momentum, increasing consolidated revenues by approximately two-thirds, and expands our range of products and services,” Phillips said.

“Con-Force is an excellent fit with Armtec and we look forward to integrating their strong management team and utilizing their expertise to strengthen our presence in the fast-growing infrastructure markets in Western Canada.

“Armtec is now positioned for considerable expansion in infrastructure markets across North America.”

DCN News Services

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