WINNIPEG, January 3, 2012 – Empire Industries Ltd. (TSX-V: EIL) today announced it has completed the previously announced sale of its Empire Iron Works structural steel fabrication operations in Winnipeg and its Hopkins Steel Works facility in Welland, effective December 31, 2011. This sale to the Supreme Group, western Canada’s largest steel fabrication company, was a cash transaction valued at approximately $3.8 million plus the value of selected working capital.
Empire continues to participate in the structural steel market, primarily through its Empire Iron Works facility in Edmonton and its Dynamic Structures facility in Port Coquitlam. Its steel fabrication businesses focus on fabricated steel markets where it has unique advantages, such as the oil sands market in Alberta through its joint venture with the Athabasca Chipewyan First Nation Business Group in Ft. McMurray. Empire also plans to introduce imported, high quality fabricated steel into the Alberta industrial market through its joint venture in China.
Proceeds of this transaction will be used to reduce bank debt.