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Steel
September 21, 2007
Empire Industries acquires Tornado Technologies
CALGARY
Empire Industries Ltd., a western Canadian steel fabrication and construction service provider, has struck a deal to acquire Tornado Technologies Inc. for $17.2 million in stock swap, giving Tornado stockholders about one-third of Empire.
Tornado makes and sells a range of products and custom steel fabrications for the oil and gas industry. It changed its name from Petro Field Industries Inc. on April 17 and has three factories in Alberta (Calgary, Stettler and Gadsby) and one in Houston.
The deal will create a company with about 800 employees in total.
“Empire is pleased to join these two high-quality businesses together as one public company,” said Empire CEO Guy Nelson. “The transaction increases our Alberta steel fabrication capacity and strengthens our balance sheet.”
DCN News Services
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