Message from Stack President
Today I am pleased to announce the Stack Modular Structures Group of Companies has officially completed our formal partnership with Bird Construction Inc. [TSX:BDT]. Over the past year, many of our current and future clients have expressed their support for this partnership.
As a current leader in modular design and manufacturing, we pledge our continued commitment to taking a modular industry, that many consider to be in its infancy, to the forefront of North American construction. Today's announcement allows Stack the ability to design, manufacture and install a turnkey modular building faster and more efficiently than what has previously been seen by the marketplace.
Modular is the future of construction in Canada and the United States and today is a milestone for the modular industry. To play such a paramount role in delivering the future of construction from coast to coast, is both a privilege and honour. We look forward to serving our clients for many decades to come and are very eager to play this pivotal role in the modular building sector alongside our partner, Bird Construction.
Stack Modular Structures Ltd.
China - Canada - USA - Hong Kong
PRESS RELEASE: Bird Construction Inc. Acquires 50% of Stack Modular Group of Companies
TORONTO, Sept. 13, 2017 /CNW/ - Bird Construction Inc. ("Bird") (TSX: BDT) today announced that it has acquired 50% of the outstanding shares of Stack Modular Structures Ltd. and 50% of Stack Modular Structures Hong Kong Limited (together the "Stack Modular Group of Companies" or "Stack"). The undisclosed purchase price and related transaction expenses were funded with existing working capital.
Stack is a modular construction company with production operations in China. Stack produces steel frame modules for permanent construction. The modules are suited for the hotel, senior housing, office space and general housing sectors in the North American market.
Bird and Stack have complementary knowledge, resources and expertise that positions them well to serve the permanent modular construction market in Canada and the United States.
"Bird and Stack form a strong partnership, with Stack's expertise in modular construction complementing Bird's business as a leading provider of general contracting services. Combining this expertise, the vision is to deliver projects faster and more efficiently to our clients across North America. Aligned with our strategy, we have been considering a range of ways to further expand our sources of revenue and increase our competitiveness. We believe we can achieve this by participating directly in the modular prefabrication market which we anticipate will present significant opportunities over the coming years", commented Ian Boyd, President & CEO of Bird.
SOURCE Bird Construction Inc.For further information contact:
Ian Boyd, President & C.E.O. or
Wayne Gingrich, C.F.O.
Bird Construction Inc.
5700 Explorer Drive, Suite 400
Mississauga, ONL4W 0C6 5K6
Phone: (905) 602-4122
Fax: (905) 602-1516