TORONTO, Sept. 13, 2017 /CNW/ - Bird Construction Inc.
("Bird") (TSX: BDT) today announced that it has acquired 50% of the
outstanding shares of Stack Modular Structures Ltd. and 50% of
Stack Modular Structures Hong Kong Limited (together the "Stack
Modular Group of Companies" or "Stack"). The undisclosed
purchase price and related transaction expenses were funded with
existing working capital.
Stack is a modular construction company with production
operations in China. Stack
produces steel frame modules for permanent construction. The
modules are suited for the hotel, senior housing, office space and
general housing sectors in the North American market.
Bird and Stack have complementary knowledge, resources and
expertise that positions them well to serve the permanent modular
construction market in Canada and
the United States.
"Bird and Stack form a strong partnership, with Stack's
expertise in modular construction complementing Bird's business as
a leading provider of general contracting services. Combining
this expertise, the vision is to deliver projects faster and more
efficiently to our clients across North
America. Aligned with our strategy, we have been considering
a range of ways to further expand our sources of revenue and
increase our competitiveness. We believe we can achieve this
by participating directly in the modular prefabrication market
which we anticipate will present significant opportunities over the
coming years", commented Ian Boyd,
President & CEO of Bird.
This press release contains forward-looking statements that
involve a number of risks and uncertainties because they relate to
events and depend on circumstances that will occur in the future.
Many factors could cause actual results and developments to differ
materially from those expressed or implied by these forward-looking
statements.
The Toronto Stock Exchange does not accept responsibility for
the adequacy or accuracy of this release.
SOURCE Bird Construction Inc.