SWITZERLAND: GF Piping Systems has acquired a 49% stake in Canadian pre-insulated piping systems manufacturer Urecon Ltd.
Under the terms of the transaction, GF takes the commercial and operational lead with the intention of acquiring the remaining shares in two years time.
Founded in 1969, Urecon Ltd is a privately owned business with state-of-the-art production sites in Coteau-du-Lac, Quebec, and Calmar, Alberta.
The company holds a strong market position with a focus on pre-insulated piping systems for freeze protection, chilled water and district heating markets.
The deal will allow GF Piping Systems to expand its footprint in North America and accelerate the introduction of its pre-insulated piping system package for cooling and air conditioning.
In 2016, the company generated sales of about CAD27m (US$21.5m) with a workforce of 100.