Sale to allow finer focus

Clearford Industries Inc. is selling its profitable Brooklin Concrete division and Clearford%20Industries%20Inc-153X72.jpgassigning its near-finalized deal to acquire Boucher Precast Concrete Ltd. It is also looking for a replacement for CEO Bruce Linton. The Ottawa-based company has engaged Guelph-based Armtec Infrastructure Income Fund to sell the business assets of Brooklin and assign the right to acquire the shares of Boucher for $43 million. The company says the sudden moves are part of a strategy to focus on its wastewater treatment products business. “Clearford’s Brooklin Concrete division has been a strong and reliable source of funding that has enabled the advancement of the Small Bore Sewer system, which now includes methane capture and collection,” says Mr. Linton. “The divestiture of the Brooklin assets will provide the financial capacity that will enable Clearford to aggressively pursue the global wastewater servicing market.” With the closing of the deal, Mr. Linton will take on a consulting role with Armtec, while Clearford expects to have a new CEO in place by that time.

Submit a comment

Please leave your name, which will be used to sign your submission to the SCANsite. Thanks for contributing your thoughts. Come back again. Tony Patterson, Editor & CEO.

© 2006 - 2009 SCAN
Site by Citadel Rock