Montreal, Quebec – Pneus Unimax Ltee of Boucherville, Quebec has announced that it has purchased all of the assets of Tirecraft Group Inc., which is headquartered in Alberta.
Tirecraft, faced with financial difficulties, sought protection under the Companies’ Creditors Arrangement Act in April 2008. Subject to certain conditions, the sale to Pneus Unimax will close on May 30, 2008.
“In line with our previously-announced intention to expand the UNIPNEU banner to Ontario, the acquisition of Tirecraft’s assets constitutes a strategic decision that complements our vision of growth,” said René Gélinas, Pneus Unimax President and CEO. “The potential acquisition of Tirecraft is excellent news, since by doing so we will penetrate the out-of-Quebec market by acquiring an integrated organization operating in all major cities across Canada.”
Pneus Unimax confirmed its intention to maintain Tirecraft’s existing business model, along with its Tirecraft and President banners, the Remington network, and the Canadian Treads plants.