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AGI Announces Strategic Acquisition of Global Industries, Inc.
Apr 04, 2017
- Complementary product catalogue adds grain dryer line and strong on farm stationary handling capabilities
- Improves grain bin and handling distribution reach across the U.S. and internationally
- Broadens geographic reach with access to new offshore customers
- Transaction expected to be immediately accretive and provide significant synergy opportunities
- Balance sheet expected to remain strong following concurrent convertible debenture offering
Winnipeg, MB, April 4, 2017 – Ag Growth International Inc. (TSX: AFN) (“AGI” or
the “Company”) is pleased to announce it has acquired 100% of the outstanding
shares of Global Industries, Inc. (“Global”) for U.S. $100 million. Global is a
diversified manufacturer of grain storage bins, portable and stationary grain handling
equipment, grain drying and aeration equipment, structural components, and steel
buildings. Global has four divisions located in Nebraska and Kansas, production
capacity in South Africa, and warehouses in the U.S., Europe, Australia and Africa.
Global’s product catalogue and domestic and offshore geographic sales are highly
complementary to AGI’s existing footprint, and are expected to substantially
expand AGI’s North American and international grain handling, drying and
storage platforms in both Farm and Commercial segments.
See full press release here
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