Taiga Building Products Ltd. Web Site - November 7, 2005
Taiga Building Products Ltd. announced today that it has signed an agreement with 603048 B.C. Ltd. for the sale and leaseback of 17 of Taiga's distribution and manufacturing facilities. Upon closing, Taiga will lease each of these facilities from the purchaser for initial periods of up to 20 years. The aggregate purchase price to be paid to Taiga at closing is approximately $52,000,000.
The closing of the transaction is subject to Taiga and the purchaser settling the terms of the leases and other customary purchaser's due diligence conditions. The completion of the transaction is expected to occur in February, 2006. Net proceeds of the transaction are expected to be used for strategic and/or other purposes.
Taiga is Canada's largest independent distributor of building products, by revenue.
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