ENTREC Corporation Completes the Sale of Its Canadian Crane Business and Assets to Sterling Crane
ACHESON, Alberta, Jan. 02, 2020 (GLOBE NEWSWIRE) -- ENTREC Corporation (“ENTREC” or the “Company”), a heavy haul transportation and crane solutions provider, today announced that it has completed its previously announced sale of its Canadian crane business and assets to Sterling Crane, part of Marmon Crane Services, a Berkshire Hathaway company.
The aggregate consideration paid at closing consisted of cash of $21.2 million less certain holdback amounts. ENTREC used the net proceeds from the sale to reduce its long-term debt.
Going forward, ENTREC’s operations will now be focused on the following businesses in 2020:
- Continuing to provide a full spectrum of crane and heavy haul transportation services in the United States through its locations in North Dakota, Colorado, Texas and Wyoming. This includes ENTREC’s recent expansion into Williston, North Dakota in November 2019;
- Providing oilfield transportation and picker truck services throughout Alberta and North-east British Columbia through its investment in ENT Oilfield Group Ltd. and Capstan Hauling Ltd; and
- Providing specialized heavy haul transportation services throughout Western Canada.
About ENTREC
ENTREC is a heavy haul transportation and crane solutions provider to the oil and natural gas, construction, petrochemical, mining and power generation industries. ENTREC is listed on the TSX under the symbol ENT.
For further information, please contact:
John M. Stevens - President & CEO
Telephone: (780) 960-5625
Jason Vandenberg – CFO
Telephone: (780) 960-5630
