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SICO Offers to Purchase Certain Assets of a Western Canadian Company

Published on 2005-06-13. Author : SpecialChem

LONGUEUIL,Quebec -- SICO INC. ("SICO" or the "Company") (TSX:SIC - News) announces that it has made an offer to purchase a significant portion of the assets of Napier Environmental Technologies Inc. ("Napier"), a public company located in the Vancouver area and specialized in the development, manufacturing and marketing in North America of water-based strippers and other environmentally responsible surface preparation products. On November 3, 2004, Napier filed notice of intention to make a proposal to its creditors under the Bankruptcy and Insolvency Act (Canada). Napier has agreed to SICO's offer to purchase, which is subject to certain conditions, including approval of a proposal to be made to Napier's unsecured creditors and by the court.

The offer to purchase mainly covers the customer list, product formulations, intellectual property rights and certain equipment. Pierre Dufresne, SICO's President and Chief Executive Officer, indicated that this acquisition, which is mostly strategic, is consistent with the objective of the architectural sector's objective to consolidate its leadership position in every major region of Canada. "It will also add a line of environmentally-friendly and high-quality architectural products to our existing offering, along with well known trademarks such as Bio-Wash, RemovAll and SARA Technologies."

Profile

In business since 1937, SICO is the largest company in Canada specializing in the development, manufacture and marketing of paints, coatings and related products. In the architectural market, its primary sector, SICO stands out for its innovative, high-quality products, strong brand recognition and the scope of its distribution network, which includes some 2,400 points of sale from coast to coast. In addition, SICO commercializes, in North America, industrial coatings mostly for metal, mainly for the transportation equipment industry (subway and railway passenger cars, commercial and military aircrafts, truck trailers), the heavy machinery industry (agricultural, forestry and construction equipment) and other specialized applications such as metal furniture. SICO employs nearly 1000 people in Canada, the United States and Mexico.

Source: SICO INC.


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