Alamo Group Acquires Tenco Group for C$6M
Alamo Group Inc. (NYSE: ALG) announced that effective yesterday it has acquired substantially all of the assets and business of Tenco Group Inc. and its subsidiaries., a Canadian based manufacturer and distributor of snow and ice removal equipment, for approximately CDN $6 million in cash, plus the assumption of certain specified liabilities and subject to post closing adjustments.
Tenco's principal markets are in Canada and the United States with operations in both countries. Tenco's sales for their most recent fiscal year ending March 31, 2011 were approximately CDN $35 million. Tenco's Canadian operations had been operating under Receivership Orders from the Quebec Superior Court since July 25, 2011, and this acquisition was approved by the Court on October 17, 2011.
