Canada-based Empire Industries Ltd. announced Monday that it will sell its Empire Iron Works structural steel fabrication operations in Winnipeg, Manitoba and its Hopkins Steel Works facility in Welland, Ontario to the Supreme Group, the largest steel fabrication company in western Canada, for $3.8 million. The transaction is scheduled to close December 31, 2011, subject to typical commercial closing conditions, including regulatory approval.
In a press release, Empire Industries indicated that the proceeds of the transactions would be used to pay down bank debt and strengthen liquidity, and Empire will continue to participate in the structural steel market, primarily through its Empire Iron Works in Edmonton, Alberta and its Dynamic Structures facility in Port Coquitlam, British Columbia.