Moscow. Dec 15, 2009. /Lesprom Network/. Stella-Jones has signed a letter of intent to acquire the Tangent Rail Corporation, the company said in a press release received by Lesprom Network.Tanget Rail provides wood crosstie supply chain services to the railroad industry. By acquiring the corporation, Stella-Jones will expand their capabilities within the U.S. railway tie industry and provide the company with creosote manufacturing operations. Tangent serves has facilities located in Warrior, Alabama; Terre Haute and Winslow, Indiana; Alexandria, Louisiana and McAlisterville, Pennsylvania. The wood preservative, creosote, is produced at its distilleries in Terre Haute, Indiana and Memphis, Tennessee. Lifecycle solutions, consisting of tie pickup and tie disposal, are carried out at three facilities in Alabama, Minnesota and North Carolina. Stella-Jones plans to finance the acquisition through a combination of equity and debt, subject to prevailing market conditions. Stella-Jones Inc. produces industrial pressure treated wood products, specializing in the production of railway ties and timbers as well as wood poles supplied to electrical utilities and telecommunications companies. |
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