Pfleiderer to Sell Certain Uniboard Facilities to Kaycan SubsidiarySeptember 6th, 2012 | Category: Industry News
Pfleiderer Canada Inc., the parent company of Uniboard Canada Inc., has entered into an agreement to sell its particleboard, MDF, thermally fused melamine and laminate flooring facilities to a subsidiary of Kaycan Ltd. The Uniboard facilities sold include three particleboard lines, one MDF line, five thermally fused melamine lines and two laminate flooring lines servicing primarily the Canadian, U.S. Northeast and Midwest U.S. markets. Kaycan is a private Canadian corporation focused on the North American building industry.
“This agreement marks the dawning of an exciting new era for Uniboard.,” says James Hogg, Uniboard’s president and CEO. “As a market leader in Quebec, Ontario, and the Northeast United States market, this acquisition will allow Uniboard to reinforce our market position and to fully focus our attention on driving the business forward in both our panel and laminate flooring operations.”
Lionel Dubrofsky, president of Kaycan, adds, “We are fully committed to the growth of Uniboard in its core markets. We bring strong operating experience in the building products environment as well as a very solid financial basis to this deal. Uniboard’s senior management will remain intact to manage the business. The direction of Uniboard and existing customer relations will be reinforced.”
Closing of the transaction is expected in the third quarter 2012 subject to certain terms and conditions, according to the announcement.
CIBC World Markets Inc. is acting as financial advisor and McCarthy Tétrault LLP and Morrison Cohen LLP are acting as legal advisors to Pfleiderer AG, Uniboard’s ultimate parent company in Germany. Davies Ward Phillips & Vineberg LLP is acting as legal advisor to Kaycan.