BIRD CONSTRUCTION INC. ACQUIRES 50% of STACK MODULAR GROUP OF COMPANIES
Toronto, Ontario, September 13, 2017 – Bird Construction Inc. (“Bird”) (TSX: BDT) today announced that it has acquired 50% of the outstanding shares of Stack Modular Structures Ltd. and 50% of Stack Modular Structures Hong Kong Limited (together the “Stack Modular Group of Companies” or “Stack”). The undisclosed purchase price and related transaction expenses were funded with existing working capital.
Stack is a modular construction company with production operations in China. Stack produces steel frame modules for permanent construction. The modules are suited for the hotel, senior housing, office space and general housing sectors in the North American market.
Bird and Stack have complementary knowledge, resources and expertise that positions them well to serve the permanent modular construction market in Canada and the United States.
“Bird and Stack form a strong partnership, with Stack’s expertise in modular construction complementing Bird’s business as a leading provider of general contracting services. Combining this expertise, the vision is to deliver projects faster and more efficiently to our clients across North America. Aligned with our strategy, we have been considering a range of ways to further expand our sources of revenue and increase our competitiveness. We believe we can achieve this by participating directly in the modular prefabrication market which we anticipate will present significant opportunities over the coming years”, commented Ian Boyd, President & CEO of Bird.
This press release contains forward-looking statements that involve a number of risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Many factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.
For further information contact:
Ian Boyd, President & C.E.O.
Wayne Gingrich, C.F.O.
Bird Construction Inc.
5700 Explorer Drive, Suite 400
Mississauga, ON L4W 0C6 5K6
Phone: (905) 602-4122
Fax: (905) 602-1516