SERVICE SECTOR / McCoy Brothers Purchases New Facility
MCCOY BROS INC BUYS MANUFACTURING FACILITY; DOUBLES POWER TONG
PRODUCTION CAPACITY
1998-02-13
EDMONTON, ALBERTA
McCoy Bros Inc. today announced that, in order to accommodate heightened
customer demand, it has completed the purchase of new facilities to house the
engineering, manufacturing, marketing and distribution operations of McCoy's
wholly-owned subsidiary, Farr Canada Ltd.
Farr has been a highly successful international manufacturer and marketer of
hydraulic power tongs and associated equipment for more than 12 years. Power
tongs are used on drilling rigs to spin and torque either drill pipe, well
casing or tubing. Related products also supplied by Farr include a
proprietary computerized torque-turn monitoring and control system and
hydraulic power units.
Kerry Brown, McCoy Chairman, said the move from the Company's old facility ,
which was operating at full capacity, was necessitated by Farr's vigorous
growth. Based on orders in hand, Farr is expected to increase revenues
significantly in 1998, up from a very strong performance in 1997. The new
facility will greatly increase production capacity, improve productivity and
result in shorter delivery times to our customers, he added.
The new 43,000 sq. ft. facility is located on 3.3 acres in an industrial
district in Edmonton and was purchased for $1 million. It has many features
that make it an ideal location for Farr, including service bays, craneways,
overhead doors and a sand blasting room. The move to the new location has
already begun and is expected to be completed this summer.
McCoy has a profitable history dating back to 1914. The Company's businesses
include truck services and sales, oil field products manufacturing, and
distribution. It has four facilities at Edmonton, and operations at Grande
Prairie, Calgary, Red Deer in Alberta as well as Rancho Cucamonga,
California.
The Company's shares are traded on the Toronto Stock Exchange under the
symbol MCB. |
