(All amounts are in Canadian dollars unless otherwise noted.)
TERREBONNE, QC, Dec. 14, 2022 /CNW Telbec/ - The management of ADF GROUP INC. ("ADF" or the "Corporation") (TSX: DRX), a North American leader in the fabrication of steel superstructures, is proud to announce the signing of new major contracts in the industrial, transportation and public infrastructure sectors worth a total of $228 million.
All these new orders consist in the design and engineering of connections, the fabrication, which encompasses the supply of raw materials (steel) and industrial coating, and the delivery of the various steel structures and heavy steel components, as part of new construction projects in the United States and in the greater Montreal area.
The fabrication work of these new contracts, all characterized by a very high tonnage and tight schedules, is planned to begin in the coming weeks and should extend until the end of the 2023 calendar year. Both of ADF's fabrication plants and paint shops in Terrebonne, Quebec and in Great Falls, Montana will be called upon to carry out these major contracts.
Mr. Jean Paschini, Chairman of the Board of Directors and Chief Executive Officer, said, "the year 2022 ends on a positive note and it is with optimism that we will start the new year."
In addition, Management announces that it is removing from its order backlog a major project valued at $131 million in the southeastern United States concluded in June 2019. The steel erection work of the new steel structure of a commercial multi-storey building was scheduled to begin in early 2020. However, due to the pandemic, this project has been delayed. Although this project is still ongoing and the owners have reiterated their commitment and confidence in ADF, the Corporation's management considers its decision prudent. As soon as the owners officially confirm the restart of their project, ADF's management will update and reintegrate this project into its order backlog when the time comes. It should be noted that very little costs were incurred by ADF for this project, and that this withdrawal from the order backlog will therefore have no impact on the Corporation's financial results.
The Corporation's order backlog stood at $344 million as at October 31, 2022, excluding today's announcements.
About ADF Group Inc. | ADF Group Inc. is a North American leader in the design and engineering of connections, fabrication, including the application of industrial coatings, and installation of complex steel structures, heavy steel built-ups, as well as in miscellaneous and architectural metals for the non-residential infrastructure sector. ADF Group Inc. is one of the few players in the industry capable of handling highly technically complex mega projects on fast-track schedules in the commercial, institutional, industrial and public sectors. The Corporation operates two fabrication plants and two paint shops, in Canada and in the United States, and a Construction Division in the United States, which specializes in the installation of steel structures and other related products.
Forward-Looking Information | This press release contains forward-looking statements reflecting ADF's objectives and expectations. These statements are identified by the use of verbs such as "expect" as well as by the use of future or conditional tenses. By their very nature these types of statements involve risks and uncertainty. Consequently, reality may differ from ADF's expectations.
SOURCE ADF Group Inc.
Jean Paschini, Chairman of the Board of Directors and Chief Executive Officer; Jean-François Boursier, CPA, Chief Financial Officer, Telephone: (450) 965-1911, Website: www.adfgroup.com
Share this article