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SICO Withdraws its Offer to Purchase Certain Assets of Napier Environmental Technologies Inc.

Published on 2005-07-01. Author : SpecialChem

SICO INC. (TSX:SIC - News; "SICO" or the "Company") announces that it has withdrawn its offer to purchase a significant portion of the assets of Napier Environmental Technologies Inc. ("Napier"), a company located in the Vancouver area and specialized in the marketing of water-based strippers and other surface preparation products, in reason of the non-realization of some important conditions.

Notably, some insurmountable delays have been encountered in the execution of the conditions of the purchase offer that adversely affected the transaction's success. The fulfillment of these conditions was a key factor for SICO in order to maintain Napier's asset base and to effectively take over its operations and business in the interest of all the concerned parties.

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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