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Gold/Mining/Energy : MAAX INC. (MXA) -- Ignore unavailable to you. Want to Upgrade?

To: Gilbert Drapeau who wrote (17)	7/18/2002 6:18:51 PM
From: Gilbert Drapeau	Read Replies (2) \| Respond to of 37

MAAX Acquires Aker Plastics Inc., The Company's Largest Transaction Ever SAINTE-MARIE, QUEBEC--JULY 18, 2002 - 14:34 EDT MAAX Inc. announces the signing of an agreement in principle to acquire all of the outstanding shares of Aker Plastics Inc., the third largest U.S. manufacturer of fibreglass bathroom equipment. This acquisition will add over US$75 million (Cdn$115 million) to MAAX's annual sales, which totalled Cdn$518.5 million for the fiscal year ended February 28, 2002, while also having a positive impact on the Company's profitability. Scheduled to close on October 25, 2002, this transaction is subject to regulatory approvals and a due diligence review of operations. However, Aker Plastics Inc.'s financial results will be accounted for retroactive to September 1st, 2002. Aker Plastics has a solid presence in the Midwestern and Northeastern United States. It employs some 800 specialized employees in three plants: one in Martinsburg, West Virginia, and two in Plymouth, Indiana. It has a distribution network of plumbing wholesalers and a 35-year-plus reputation for quality and service. Aker Plastics will also provide MAAX with a strategic stronghold in the U.S. North East and Midwest while making it one of the top three manufacturers of fibreglass and acrylic bathroom products in the entire United States. "This major acquisition brings MAAX much closer to its main strategic objectives in the United States, which are to strengthen its distribution network of plumbing wholesalers, gain a strong, well-recognized brand, broaden its sales coverage, secure a powerful vehicle to step up the rollout of MAAX's product lines, and thereby help increase our market share," said Andre Heroux, President and Chief Executive Officer of MAAX. He added: "We are particularly pleased that Aker's key executives will continue to manage the business. That will be an invaluable asset in terms of expertise, market knowledge, customer loyalty, and high customer service standards." The amount of the transaction will be payable in part on closing of the transaction as well as directly using MAAX's available cash and equivalents. Placide Poulin, Chairman of the Board, concluded: "This transaction fits perfectly with our positioning, profitability and future growth strategies and brings MAAX even closer to its long-term objectives. Our biggest transaction ever comes after an almost two-year break, clearly indicating our determination to respect each and every one of our acquisition criteria." A conference call will be webcasted simultaneously on www.q1234.com and www.maax.com at 3:30 p.m. on Thursday, July 18, 2002, and will be available subsequently at both websites. MAAX Inc. is a leading North American manufacturer of bathroom products and accessories, spas and kitchen cabinets. The Company currently employs 2,800 people in its 23 plants and seven distribution centres across Canada, the United States and Europe. Its common shares are traded on the Toronto Stock Exchange under the ticker symbol MXA. PROSPECTIVE FINANCIAL INFORMATION This press release includes forward-looking statements that involve a number of risks and uncertainties. The Company would like to point out that its results, or the measures it adopts, could differ materially from those indicated or underlying these statements, or could have an impact on the realization of a particular financial projection.