PFB Corp. has signed letters of intent to acquire two structural insulated panel firms. The deal will give PFB additional manufacturing sites in the United States and Canada's west coast.
Calgary, Alberta-based PFB wants to add Insulspan Group of Blissfield, Mich., and EnerGreen Structural Insulated Panel Co. Inc. of Aldergrove, British Columbia, to its portfolio. It will finance the purchase through a combination of 1 million common shares, cash payments and assumption of C$3.2 million (US$2.4 million) in debt. Insulspan and EnerGreen had combined sales of C$21 million (US$16 million) for 2003.
Publicly held PFB expects the deals to close by May 30.
PFB announced in a news release that it will put Insulspan and EnerGreen under a wholly owned subsidiary operating under the Insulspan brand name. PFB currently makes expanded polystyrene insulation products through Plasti-Fab Ltd., its wholly owned subsidiary. Last year, PFB acquired Advantage Wallsystems Inc. of Crossfield, Alberta.
According to PFB, structural insulated panels are gaining favor with homeowners, builders and designers throughout North America. Markets include conventional, timber-frame, log home, multiunit and light commercial construction.
Officials did not return calls seeking comment before deadline.
``By having manufacturing facilities in Michigan and on the Canadian west coast, we can efficiently serve the entire North American market,'' Chairman and Chief Executive Officer C. Alan Smith said in a news release.
Frank Baker, president of Insul-span Group, and Scott Folk, president of EnerGreen, will join PFB.
