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CANADA : Armtec wins $40 million BC Hydro contract
Publish Date : 10-Oct-2011
A BC Hydro contract has been secured by Armtec Infrastructure Inc. The contract is valued at approximately $40 million. This company will be BC Hydro\'s exclusive supplier of concrete utility vaults and associated products for nine years.
The company said at the time its business had been hurt by an unusually late and wet spring across the country. Later, it was hit with a shareholders lawsuit. As per this, Armtec knew its financial results would be weak when it raised over $50 million from investors.
In August, a $125-million financing agreement has been signed by Armtec with Brookfield Asset Management. After using the funds to repay a bank loan, Armtec expected to have $28 million left for general purposes.
Guelph, Ont.-headquartered company revealed that its agreement with Brookfield expected to show that Armtec had the financial ability to meet BC Hydro\'s requirements over the long term.
