Empire sells KWH, Somerset businesses
Empire Industries Ltd. has sold its KWH Constructors and Somerset Engineering businesses for $1.4 million.
WINNIPEG: Empire Industries Ltd. has sold its KWH Constructors and Somerset Engineering businesses for $1.4 million.
The move is part of the Winnipeg company’s plan to reduce its investment in domestic steel fabrication and erection outside of Alberta and use more of its money to grow its engineered products businesses.
The company did not identify the buyer for the divested assets.
Empire said it will book a gain of $1.3 million from the transaction in its first quarter financial report.
Empire manufactures specialized engineered products, provides fabrication and installation services, primarily to the industrial, commercial and infrastructure market in Western Canada.
It also owns 49% of ACE Industrial Services that operates in the oil sands industrial maintenance services market, and 45 per cent of a Chinese steel joint venture company in Asia.
© 2012 The Canadian Press