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Canam acquires stake in U.S. steel fabricator

Construction products fabricator Canam Group Inc. has acquired a 15-per-cent stake in U.S. structural steel fabricator FabSouth for $11.25-million (U.S.), the Quebec-based company announced Wednesday.

Canam's board of directors said the deal had brought the company "fair value."

Canam said the deal will allow it to be directly involved in a company whose activities are very similar to its own.

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FabSouth operates five plants in Florida, North Carolina and Georgia.

Canam has 12 plants specialized in the design and fabrication of construction products. It employs more than 2,500 people in Canada, the U.S., Romania and India.

The company said the transaction price was subject to an adjustment based on working capital at the end of the year.

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