MARSULEX COMPLETES SALE OF STABLEX DIVISION TO US ECOLOGY, INC. FOR CDN$80
MILLION
TORONTO, Nov. 1 /CNW/ - Marsulex Inc. (TSX: MLX) announced today that it has completed the previously announced sale of its Stablex division ("Stablex"), to US Ecology, Inc. for $80 million Canadian. Net proceeds of the sale, which are subject to normal and customary closing adjustments, including a purchase price adjustment based on working capital, will be used to repay outstanding indebtedness under the Company's Senior Secured Term Loan.
Marsulex, which is based in Toronto, Ontario, is a leading provider of industrial services, including environmental compliance solutions for air quality control, processing or handling of industrial by-products or waste streams, and is a producer and marketer of sulphur-based industrial chemicals. The Company's services and products are provided to a broad base of industrial customers in a wide range of industries. Website: www.marsulex.com.
This news release contains forward-looking statements. These statements are based on current views and expectations that are subject to risks, uncertainties and assumptions that are difficult to predict.
Actual results may differ materially from results suggested in any forward-looking statements whether as a result of new information, future developments or otherwise. Other than as required under securities laws, we do not undertake to update any forward-looking information at any particular time. The reader should not place undue importance on forward looking information and should not rely upon this information as of any other date.
Additional information identifying risks, uncertainties and assumptions is contained in the Company's filings with the securities regulatory authorities, which are available at www.sedar.com. All forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement.
%SEDAR: 00002943E
For further information:
Laurie Tugman | or | William Martin |
President and CEO | Chief Financial Officer | |
Tel: (416) 496-4157 | Tel: (416) 496-4164 |
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