1993 FIN – Ivaco Offers Public Shares
FASTENER HISTORY
1993 FIN – Ivaco Offers Public Shares
December 31, 1993 FIN – Ivaco Inc., the largest fastener manufacturer in the world, is making a public stock share offering. Proceeds will be used to temporarily reduce bank indebtedness and subsequently for further investment in the business of Montreal, Quebec, Canada-based Ivaco. Ivaco recently revamped its fastener operations. The change in structure puts all the fastener operations under a single umbrella: Ifastgroupe & Company, Limited Partnership, which will be managed by Ifastgroupe Inc., a subsidiary of Ivaco Inc. Ivaco will continue to have 100% ownership and there will be no changes in management. The Fastener Group’s operating divisions are:
Infasco – in Marieville (Montreal), Quebec, is one of the largest facilities in the world for the production of standard bolts and nuts.
Ingersoll Fasteners – in Ingersoll, Ontario, is a major manufacturer of custom designed and specialty fasteners.
Infasco Nut – in Mississauga (Toronto), Ontario, manufactures a wide variety of standard and specialty nuts.
Galvano – in Beloeil, Quebec (located close to Marieville), applies electro-galvanizing and hot dip galvanizing to fasteners and nails.
IFC (Fasteners) Inc. – in Marieville, Quebec, is a sister company of the four above-mentioned operations. It is the owner of (and seller of record of) bolts and nuts of the Fastener Group, which are inventoried at the following warehouses operated by several longstanding, independent sales representatives of the Fastener Group: Distributor Sales Inc., Mentor, Ohio; Distributor Sales Southeast Inc., Atlanta, Georgia; and J. Hammer & Associates Ltd., Elk Grove Village, Illinois. Ivaco is more than a fastener manufacturer. The company is also a steel producer with annual steelmaking and rolling capacity of more than two million tons located at Ivaco Rolling Mills in Ontario; Atlantic Steel in Georgia; and at 49.8% owned Laclede Steel in Illinois.
Its products include steel billets, hot rolled bars and shapes, wire rod, wire, welded wire fabric, fasteners, nails, fencing, precision machined components, forgings, wire ropes and cables.
Ivaco also fabricates and erects structural steel. Through 50% owned IPEX Inc. (formerly Scepter/Canron Inc.) it manufactures plastic pipe and fittings, and through 50%owned Amercord Inc., manufactures tire cord and tire bead. The Ivaco Group has 53 plants – 36 in Canada and 17 in the U.S. – and employs approximately 7,500 people. Ivaco has closed its previously announced sale of units consisting of Class A subordinate voting shares and warrants for an aggregate purchase price of $19.5 million to a group of underwriters led by ScotiaMcLeod Inc. A total of three million units of Ivaco have been issued at $6.50 per unit.
Each unit consists of one Class A share and one half of Class A share purchase warrant. Each whole warrant is exercisable at $6.75 until December 29, 1995. The warrants will trade under the symbol IVA.WT.
The Underwriters for this transaction are ScotiaMcLeod Inc., Nesbitt Thomson Ltd., Gordon Capital Corporation, Levesque Beaubien Geoffrion Inc. and Toronto Dominion Securities Inc. ©1993/2009 Fastener Industry News
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