TSX Symbol: WJX
TORONTO, June 30,
2022 /CNW/ - Wajax Corporation ("Wajax" or the
Corporation") today announced that its wholly-owned
subsidiary, Tundra Process Solutions Ltd. ("Tundra") has
acquired the valve business of Powell Canada Inc. ("Powell
Valve"). Specializing in valve sales, service and support,
Powell Valve employs a team of thirty-eight, and operates
facilities in Edmonton,
Fort McMurray and Lloydminster, Alberta.
Commenting on the acquisition, Iggy
Domagalski, President and Chief Executive Officer of Wajax,
stated "The addition of three new valve servicing and repair
locations, plus a team of highly skilled technicians, will help
accelerate the growth of Tundra's core business." Added Ash Allers,
Chief Executive Officer of Tundra, "The acquisition adds
substantially to Tundra's valve servicing capabilities, including
field-level support, and increases our geographic reach. The newly
acquired facilities in Edmonton
and Fort McMurray will also
provide increased capacity for pressure safety valve testing,
assembly and recertification. We are very excited to welcome Powell
Valve's exceptional team to the Tundra and Wajax families."
Founded in 1999 and acquired by Wajax in 2021, Tundra plays a
key role in Wajax's Industrial Parts and Engineered Repair Services
growth strategy. It provides maintenance and technical services to
customers in the western Canadian midstream oil and gas, oil sands,
petrochemical, mining, forestry and municipal sectors. Tundra also
distributes a diverse range of industrial process equipment,
representing industry-leading manufacturers of valves and
actuators, instrumentation and controls, motors and drives, control
buildings, boilers and water treatment solutions.
Wajax Corporation
Founded in 1858, Wajax (TSX: WJX) is one of Canada's longest standing and most diversified
industrial products and services providers. The Corporation
operates an integrated distribution system providing sales, parts
and services to a broad range of customers in diverse sectors of
the Canadian economy, including construction, forestry, mining,
industrial and commercial, oil sands, transportation, metal
processing, government and utilities and oil and gas.
The Corporation's goal is to be Canada's leading industrial products and
services provider, distinguished through its three core
capabilities: sales force excellence, the breadth and efficiency of
repair and maintenance operations, and the ability to work closely
with existing and new vendor partners to constantly expand its
product offering to customers. The Corporation believes that
achieving excellence in these three areas will position it to
create value for its customers, employees, vendors and
shareholders.
For more information on Wajax, please visit the company's
website at https://www.wajax.com.
Cautionary Statement Regarding
Forward-Looking Information
This news release contains certain forward-looking statements
and forward-looking information, as defined in applicable
securities laws (collectively, "forward-looking
statements"). These forward-looking statements relate to future
events or the Corporation's future performance. All statements
other than statements of historical fact are forward-looking
statements. Often, but not always, forward looking statements can
be identified by the use of words such as "plans", "anticipates",
"intends", "predicts", "expects", "is expected", "scheduled",
"believes", "estimates", "projects" or "forecasts", or variations
of, or the negatives of, such words and phrases or state that
certain actions, events or results "may", "could", "would",
"should", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors beyond the Corporation's ability to
predict or control which may cause actual results, performance and
achievements to differ materially from those anticipated or implied
in such forward-looking statements. To the extent any
forward-looking information in this news release constitutes
future-oriented financial information or financial outlook within
the meaning of applicable securities law, such information is being
provided to demonstrate the potential of the Corporation and
readers are cautioned that this information may not be appropriate
for any other purpose. There can be no assurance that any
forward-looking statement will materialize. Accordingly, readers
should not place undue reliance on forward-looking statements. The
forward-looking statements in this news release are made as of the
date of this news release, reflect management's current beliefs and
are based on information currently available to management.
Although management believes that the expectations represented in
such forward-looking statements are reasonable, there is no
assurance that such expectations will prove to be correct.
Specifically, this news release includes forward looking statements
regarding, among other things, our goal of becoming Canada's leading industrial products and
services provider, distinguished by our sales force excellence, the
breadth and efficiency of our repair and maintenance operations,
and our ability to work closely with existing and new vendor
partners to constantly expand our product offering to customers,
together with our belief that achieving excellence in these three
areas will position us to create value for our customers,
employees, vendors and shareholders; our belief that the addition
of three new valve servicing and repair locations, plus a highly
skilled team technicians, will help Tundra accelerate the growth of
its core business; and the key role played by Tundra in Wajax's
Industrial Parts and Engineered Repair Services growth strategy.
These statements are based on a number of assumptions which may
prove to be incorrect, including, but not limited to, our ability
to successfully manage our business through the impacts of the war
in Ukraine and the continuing
COVID-19 pandemic, including actions taken by governments, public
authorities, suppliers and customers in response to the novel
coronavirus and its variants; general business and economic
conditions; the supply and demand for, and the level and volatility
of prices for, oil, natural gas and other commodities; financial
market conditions, including interest rates; our ability to execute
our One Wajax Strategy, including our ability to develop our core
capabilities, execute on our organic growth priorities, complete
and effectively integrate acquisitions, including the acquisition
announced above, and successfully implement new information
technology platforms, systems and software; the future financial
performance of the Corporation; our costs; market competition; our
ability to attract and retain skilled staff; our ability to procure
quality products and inventory; and our ongoing relations with
suppliers, employees and customers. The foregoing list of
assumptions is not exhaustive. Factors that may cause actual
results to vary materially include, but are not limited to, the
effects of the war in Ukraine,
including the duration and/or expansion of such war; the COVID-19
pandemic, including the possible emergence and impact of new
coronavirus variants; the duration and severity of travel, business
and other restrictions imposed (or re-imposed) by governments and
public authorities in response to COVID-19 and its variants, as
well as other measures that may be taken by such authorities;
actions taken by our suppliers and customers in relation to the
COVID-19 pandemic, including slowing, reducing or halting
operations; supply chain disruptions and shortages related to or
arising from the impacts of COVID-19 or the war in Ukraine; a continued or prolonged
deterioration in general business and economic conditions
(including as a result of the COVID-19 pandemic or the war in
Ukraine); volatility in the supply
and demand for, and the level of prices for, oil, natural gas and
other commodities; a continued or prolonged decrease in the price
of oil or natural gas; fluctuations in financial market conditions,
including interest rates; the level of demand for, and prices of,
the products and services we offer; levels of customer confidence
and spending; market acceptance of the products we offer;
termination of distribution or original equipment manufacturer
agreements; unanticipated operational difficulties (including
failure of plant, equipment or processes to operate in accordance
with specifications or expectations, cost escalation, our inability
to reduce costs in response to slow-downs in market activity,
unavailability of quality products or inventory, supply disruptions
(including disruptions caused by the COVID-19 pandemic or the war
in Ukraine), job action and
unanticipated events related to health, safety and environmental
matters); our ability to attract and retain skilled staff and our
ability to maintain our relationships with suppliers, employees and
customers. The foregoing list of factors is not exhaustive. Further
information concerning the risks and uncertainties associated with
these forward-looking statements and the Corporation's business may
be found in our Annual Information Form for the year ended
December 31, 2021 (the "AIF"),
in our annual MD&A for financial risks, and in our most recent
quarterly MD&A, all of which have been filed on SEDAR. The
forward-looking statements contained in this news release are
expressly qualified in their entirety by this cautionary statement.
The Corporation does not undertake any obligation to publicly
update such forward-looking statements to reflect new information,
subsequent events or otherwise unless so required by applicable
securities laws.
Readers are cautioned that the risks described in the AIF, and
in our annual and quarterly MD&A, are not the only risks that
could impact the Corporation. We cannot accurately predict the full
impact that COVID-19 will have on our business, results of
operations, financial condition or the demand for our products and
services due to the uncertainties related to the spread of the
virus and its variants. Risks and uncertainties not currently known
to the Corporation, or currently deemed to be immaterial, may have
a material effect on the Corporation's business, financial
condition or results of operations.
Additional information, including Wajax's Annual Report, is
available on SEDAR at www.sedar.com.
SOURCE Wajax Corporation