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Aecon Group stock surges 20 after Chinas CCCI inks 15B deal to

TORONTO — Aecon Group Inc. has signed a deal to be acquired for $1.5 billion by CCCC International Holding Ltd. of China, subject to shareholder and government approvals.CCCC International has agreed to pay $20.37 per Aecon share in cash to buy the Canadian construction company, which said in August that it was looking for potential buyers.AECON stock surged 20 per cent to $19.80 in early morning trading on the Toronto Stock Exchange.“We believe this is a very positive outcome for Aecon and our key stakeholders,” Aecon chairman Brian Tobin said in a statement Thursday.“This transaction is the result of an active and diligent sale process that has enabled us to select an outstanding partner and create significant shareholder value.”CCCC International, also known as CCCI, is the overseas investment and financing arm of China Communications Construction Company Ltd., one of the world’s largest engineering and construction groups.Aecon will continue to be headquartered in Canada while CCCI’s size and financial strength will help it bid for larger and more complex projects, the companies said.“Aecon has a strong management team and a very impressive track record that have made it a leading construction company in Canada and a pioneer in public private partnerships and concession operations,” CCCI president Lu Jianzhong said.It will now gain access to significant capital, complementary infrastructure expertise and an international network to support its growth ambitions.”The offer requires the approval of two-thirds of the votes cast at a special meeting of Aecon shareholders as well as government and regulatory approvals under the Investment Canada Act, the Canadian Competition Act and authorities in China.The announcement of the deal came as Aecon reported a third-quarter profit of $24.6 million or 37 cents per diluted share, down from a profit of $27.4 million or 42 cents per diluted share a year ago.Revenue fell to $759.7 million compared with $838.1 million in the same quarter last year.The Canadian Press read more

Resolute Forest Products reports secondquarter loss sales down from year ago

MONTREAL – Resolute Forest Products Inc. (TSX:RFP) reported a loss of US$4 million in its latest quarter compared with a loss of $2 million a year ago.The forestry company, which keeps its books in U.S. dollars, said the loss amounted to four cents per share for the quarter ended June 30 compared with a loss of two cents per share a year ago.Excluding special items, Resolute said it earned a profit of $7 million or seven cents per share, down from $17 million or 18 cents per share in the same quarter last year.Sales slipped to $926 million compared with $1.09 billion a year ago.Resolute has some 40 pulp and paper mills as well as lumber and other wood product operations in the United States, Canada and South Korea as well as power generation assets in Canada. Resolute Forest Products reports second-quarter loss, sales down from year ago by The Canadian Press Posted Jul 30, 2015 8:38 am MDT Last Updated Jul 30, 2015 at 9:20 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email read more

Larson Electronics releases a 76 m explosion proof extension cord with eight

first_imgThe EPEXC-8X-12.3-25 explosion proof extension cord from Larson Electronics is designed to extend the reach of equipment in hazardous locations where power receptacles are not in close proximity to the work space. This explosion proof extension cord is 25 feet (7.6 m) long, providing ample length for movement in the work space. The cord is fitted with eight explosion proof twist-lock receptacles constructed of non-sparking aluminium for connection of equipment and is terminated with a 20-A explosion proof plug for safe and secure connection to a power receptacle. The cord, plug, and receptacles support a three-pole, two-wire design which works with most common explosion proof equipment. This explosion proof extension cord is Class 1 Division 1 Groups C, D and Class 2 Division 1 Groups E, F, and G rated, making it ideal for use in hazardous locations where flammable gases and vapours are present. The cord is oil, chemical and abrasion resistant for durability and the receptacles feature deep recessed contacts for protection against arcing and a powder coat finish for resistance against corrosion. This cord is ideal for connecting explosion proof lights, fans and blowers, and extending the range of portable power supplies and substations within the hazardous work area. “Larson offers a wide range of explosion proof extension cords with different lengths and connectors that are readily available in stock,” said Rob Bresnahan, CEO of Larson Electronics. “We keep a large inventory of plugs, receptacles, and cords in order to custom build configurations for customers on demand.”last_img read more