CALGARY, ALBERTA — (Marketwired) — 09/13/13 — 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 .
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