BRANTFORD, ONTARIO -- (Marketwire) -- 03/27/13 -- Wescast Industries Inc. (TSX: WCS.A) ("Wescast") announced today the successful completion of the previously-announced plan of arrangement (the "Arrangement") pursuant to which Sichuan Bohong Industry Co., Ltd. ("Bohong"), through its wholly-owned subsidiary, acquired all of the issued and outstanding capital of Wescast. As a result of the completion of the Arrangement, Wescast is now an indirect wholly-owned subsidiary of Bohong.
The shares of Wescast are expected to be delisted from the Toronto Stock Exchange at the close of business on March 28, 2013. Wescast has applied to cease to be a reporting issuer under applicable Canadian securities laws.
Wescast Industries Inc. is the world's leading supplier of cast exhaust manifolds for passenger cars and light trucks. In addition to other products, Wescast designs, casts, machines and assembles exhaust system components, primarily exhaust manifolds, turbo charger housings and integrated turbomanifolds for automotive original equipment manufacturers ("OEMs") and Tier 1 customers for the car and light truck markets in North America, Europe, Asia, Africa, South America and Australia. Wescast employs approximately 2,200 people in 7 production facilities and 5 sales and design centres in Canada, Hungary, the United States, Germany, Japan and China. Wescast also has sales and technical design representation in the United Kingdom and France. Wescast is recognized worldwide for its quality products, innovative design solutions and highly committed workforce.
Learn more at www.wescast.com.
The contents of this news release contain statements which, to the extent that they are not recitations of historical fact, may constitute forward-looking statements based on certain assumptions. Forward-looking statements are provided for the purpose of providing information about Wescast's current expectations and plans relating to the acquisition. Persons reading this news release are cautioned that such information may not be appropriate for other purposes. Such forward looking statements include the statement regarding the proposed acquisition. The words "may", "would", "could", "will", "likely", "expect", "anticipate", "estimate", "intend", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward-looking statements.
This information is based upon certain material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward looking statements, including the delisting of the Wescast shares.
Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results to differ materially from those expressed or implied by such forward-looking statements.
Wescast does not undertake any obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect the occurrence of unanticipated events, except as required by law.
Wescast Industries Inc.
Edward G. Frackowiak
Chairman and CEO
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