ALBERTA - FINNING INTERNATIONAL of Vancouver and COLLICUTT ENERGY SERVICES of Red Deer, Alberta, have agreed to a deal that will allow Finning to acquire Collicutt at a price of $9.75 per Collicutt share. The transaction is valued at $145 million.
Collicutt is a leading Canadian oilfield service company specializing in natural gas compression equipment and electric power generation packaging.
The acquisition will provide Finning with access to a highly skilled and experienced workforce in strategic areas within the Finning dealership territory. In addition, Finning will obtain nearly 30,000 m2 of operational capacity, of which over 18,500 m2 is in modern, near purpose-built shop facilities in Red Deer. This will set the stage for an ambitious new phase of development as Finning moves and grows its mining and heavy equipment preparation and overhaul business into Red Deer in a new "Centre of Excellence". This move will free up capacity in existing Finning branches to handle additional customer service work. The Collicutt customer field service operations and people will be integrated into the Finning branch network to significantly expand the regional footprint.
To learn more about Collicutt, go to www.Collicutt.com or visit www.Finning.com for further information on one of the worlds largest Caterpillar dealers.
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