ATCO Announces Sale of Its Share in South American Joint Venture
13 Settembre 2013 - 3:16PM
Marketwired
ATCO today announced the sale of its 50 per cent ownership interest
in Tecno Fast ATCO to its joint-venture partner, Tecno Fast,
headquartered in Santiago, Chile. The joint venture between ATCO
and Tecno Fast was established in 1996 to supply the mining and
resource sector with workforce accommodation.
"ATCO's decision to sell its interest in the company is driven
by an opportunity to capture significant value for our share
owners," said Brian Bale, Senior Vice President & Chief
Financial Officer, ATCO Group.
ATCO sold its interest for approximately CAD $124M, which
includes all operational assets consisting of space rental and
workforce housing fleet assets, manufacturing facilities and
offices in Chile, Peru, Colombia and Brazil.
ATCO remains committed to the South American market and its
other ATCO companies will continue to pursue business opportunities
there. ATCO Structures & Logistics will evaluate re-entering
the South American modular structures market in the future.
ATCO Group, with more than 9,400 employees and assets of
approximately $15 billion, delivers service excellence and
innovative business solutions worldwide with leading companies
engaged in Structures & Logistics (manufacturing, logistics and
noise abatement), Utilities (pipelines, natural gas and electricity
transmission and distribution), Energy (power generation, natural
gas gathering, processing, storage and liquids extraction) and
Technologies (business systems solutions). More information can be
found on www.atco.com.
Forward-Looking Information:
Certain statements contained in this news release may constitute
forward-looking statements. Forward-looking statements are often,
but not always, identified by the use of words such as
"anticipate", "plan", "expect", "may", "will", "intend", "should",
and similar expressions. These statements involve known and unknown
risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in
such forward-looking statements. The Corporation believes that the
expectations reflected in the forward-looking statements are
reasonable, but no assurance can be given that these expectations
will prove to be correct and such forward-looking statements should
not be unduly relied upon.
The Corporation's actual results could differ materially from
those anticipated in these forward-looking statements as a result
of regulatory decisions, competitive factors in the industries in
which the Corporation operates, prevailing economic conditions, and
other factors, many of which are beyond the control of the
Corporation.
The forward-looking statements contained in this news release
represent the Corporation's expectations as of the date hereof, and
are subject to change after such date. The Corporation disclaims
any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise, except as required under applicable securities
regulations.
Contacts: ATCO Group B.R. (Brian) Bale Senior Vice President
& Chief Financial Officer (403) 292-7502 www.atco.com
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