By Adriano Marchese
Atlas Engineered Products Ltd. said Wednesday that it entered into a preliminary agreement to acquire the shares of an unnamed truss manufacturing company in the province of British Columbia for 5.8 million Canadian dollars, roughly US$4.6 million.
The manufacturer and supplier of roof trusses and wood products said it is looking to expand its footprint in the province where seasonality and the effects of winter are more suitable.
In addition to buying the shares, AEP said that it intends to acquire the land and buildings on the land on which the facilities are located for about C$2.7 million.
"We have been fairly quiet on the merger and acquisition front while focusing on profitability and organic growth and now is the time to move forward with this strategic acquisition," founder, President and Chief Executive Hadi Abassi said.
Write to Adriano Marchese at adriano.marchese@wsj.com