Black’s American Iron to buy crosstown rival SNF
Dec 04, 2007 | 03:17 PM
| Michael Marley
American Iron & Metal Co. Inc. (AIM), Montreal, has signed an agreement to acquire crosstown rival Societe Nationale des Ferrailles Inc. (SNF) and its subsidiaries.
No purchase price was disclosed in the statement announcing the acquisition. The sellers are SNF's president, Jean-Guy Hamelin, his brother and executive vice president, Bernard, and Solidarity Fund QFL, a Canadian $7.2-billion equity investment fund founded by the Quebec Federation of Labor, which has been an investor in SNF since 1999.
AIM's owners, Herbert Black and his brother, Ronald, said they are enthusiastic about their newest acquisition. "The activities of SNF complement our own very well. This acquisition will enable the creation of a stronger and more competitive business that will be able to respond to the growing pressures of international markets. A better productivity and efficiency of distribution constitute a winning combination for the employees, the suppliers and the clients of our businesses," they said in a statement.....
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