A major acquisition of assets from a locally-based manufacturing business has been announced Monday.
As of March 1 Tecvalco Ltd., a Canadian master distributor and manufacturer representative, has purchased key business assets from Grit Industries Inc.
The two primary assets acquired in the deal are Grit Industries’ CWT heater and the Grit-55 Secondary Containment. The two companies have worked together with respect to sales and promotion of the CWT heater.
Tecvalco announced they signed leases on facilities in both North Battleford and Lloydminster, Alta., and have negotiated access to all equipment and facilities required to manufacture those two product lines, as well as purchasing rights to manufacture a variety of other products marketed to the energy industry.
The plan, according to company President Mike Menger, is to maintain business as usual and to carefully integrate the new lines, facilities, and staff into Tecvalco. Almost all existing local staff are staying on during the acquisition, according to the company.
Tecvalco was founded in 1980 and has employees across Canada and the United States. Menger says Tecvalco is prepared to take the product lines to new heights and expand into new markets.
“This was a crucial strategic move on Tecvalco’s part,” said Menger in a news release.
“Our distribution infrastructure is a perfect fit for the manufacturing capabilities of Grit. The opportunity here is incredible.”
