Foundation Building Materials Expands its Presence in Greater Toronto, Canada with the Acquisition of Select Acoustics Supply...
02 Maio 2019 - 9:30AM
Business Wire
Foundation Building Materials, Inc. (“FBM” or the “Company”)
(NYSE: FBM), one of the largest specialty distributors of
wallboard, suspended ceilings systems, and metal framing in North
America, announced today that it has closed the acquisition of
Select Acoustics Supply Inc., (“Select”). Select is an independent
distributor of suspended ceiling systems and has a thirty-seven
year track record serving the Greater Toronto Area. Terms of the
transaction were not disclosed.
“The addition of Select Acoustics Supply further builds our
market presence in the downtown Toronto commercial market,” said
Ruben Mendoza, FBM’s President and Chief Executive Officer. “With a
strong track record of unparalleled customer service, Select is a
welcome addition to the FBM network.”
The Company expects Select’s performance to be consistent with
prior years, with an estimated $10 million to $12 million in net
sales for the remainder of 2019. This acquisition is expected to be
immediately accretive to the Company with financial benefits driven
by increased scale and cost savings.
About Foundation Building Materials
Foundation Building Materials is a specialty distributor of
wallboard, suspended ceilings systems, and metal framing throughout
North America. Based in Tustin, California, the Company employs
more than 3,400 people and operates more than 175 branches across
the U.S. and Canada.
Forward Looking Statements
This press release contains forward-looking statements, which
are subject to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements include,
without limitation, any statements regarding the expected benefits
to FBM and its shareholders from completing the acquisition, the
expected revenue contribution by the acquired companies, the
accretive benefits to FBM’s earnings, and may contain words such as
“believe,” “anticipate,” “expect,” ”estimate,” “intend,” “project,”
“plan,” or words or phrases with similar meaning. Forward-looking
statements should not be read as a guarantee of future performance
or results and will not necessarily be accurate indications of the
times at, or by, which such performance or results will be
achieved. Forward-looking statements are based on current
expectations, forecasts and assumption that involve risks and
uncertainties, including, without limitation, economic,
competitive, governmental and technological factors outside of
FBM’s control, that may cause the business, strategy or actual
results to differ materially from the forward-looking statements.
We do not intend, and undertake no obligation, to update any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by applicable
law. Investors are referred to our filings with the Securities and
Exchange Commission, including our Annual Report on Form 10-K and
our Quarterly Reports on Form 10-Q for additional information
regarding the risks and uncertainties that may cause actual results
to differ materially from those expressed in any forward-looking
statement.
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version on businesswire.com: https://www.businesswire.com/news/home/20190502005132/en/
Investor Relations:Foundation Building MaterialsJohn Moten, IRC,
657-900-3213VP Investor Relationsinvestors@fbmsales.comorMedia
RelationsJoele Frank, Wilkinson Brimmer KatcherJed Repko, or Ed
Trissel, 212-355-4449
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