Canadian Manufacturing

PyroGenesis Canada purchases complete control of Drosrite International

by CM Staff   

Exporting & Importing Manufacturing Operations Drosrite Exporting Manufacturing operations PyroGenesis

The purchase was made for CAD$1.00.

MONTREAL — PyroGenesis Canada purchases 100 per cent control of Drosrite International, a US-based private company, for CAD$1.00. Drosrite International had already been, on an accounting basis, a subsidiary of the company, but legally a stand-alone entity.

The companies entered into an exclusive agreement on Aug. 29, 2019, under which Drosrite International received the required rights from PyroGenesis to manufacture, market, sell and distribute Drosrite systems and technology to the Kingdom of Saudi Arabia, and certain other countries in the Middle East.

“Not only does this acquisition clear up, once and for all, the accounting vs. legal ambiguity surrounding the relationship between PyroGenesis and Drosrite International, but it more importantly now provides PyroGenesis with a 100 per cent-owned US subsidiary through which we can now consider expanding our activities,” said P Peter Pascali,  president and CEO of PyroGenesis Canada.


Stories continue below