Canam buys majority stake in Quebec steel fabricator TecFab International
Shawinigan-based firm specializes in fabricating steel structures and parts for industrial equipment
SAINT-GEORGES, Que.—Working to boost its North America-leading production capacity, Canam Group Inc. is adding a Shawinigan, Que. steel fabricator to its roster.
The structural steel company announced May 9 it has acquired a 70 per cent stake in TecFab Internationl Inc. for an undisclosed amount.
An 80-person firm, operating a 72,000 square-foot plant in the central Quebec city, TecFab specializes in complex steel structures, mechanically-welded parts, industrial vents and ducts, industrial equipment as well as custom steel work. The company has a production capacity of 7,500 tons per year.
Already well acquainted with each others’ business, TecFab has worked as a subcontractor for Canam on several recent projects. Canam said TecFab will remain an independent company, undertaking its own activities, while working as a regular subcontractor for Canam’s Bridges division.
“With partnerships like this, our participation in ever larger and more complex projects is increasing our production capacity,” Robert Dutil, senior vice-president of Canam-Bridges, said. “We like doing business with people who have a sense of entrepreneurship, such is the case with the TecFab team.”