PHOENIX, AZ -- (Marketwired) -- 04/29/13 -- Schuff International, Inc. (PINKSHEETS: SHFK), a family of companies providing fully integrated steel construction services, announces an agreement to sell the majority of the steel joist fabrication assets of its subsidiary, Quincy Joist Company, to Canam Steel Corporation, a subsidiary of Canam Group, Inc. Under the agreement, the assets include the joist plant in Buckeye, Arizona, including all equipment and inventory, and the joist plant (excluding the land) in Quincy, Florida, including all equipment and inventory. The transaction is subject to due diligence.
The closing on the Arizona assets is expected in approximately 30 days, while the closing on the Florida assets is scheduled to occur in approximately 60 days after Quincy completes the work currently scheduled in the Florida plant. In connection with the sale of the Florida assets, Schuff has provided written notice of business closing at the Quincy, Florida location, as required by the Worker Adjustment Retraining and Notification Act ("WARN").
Schuff International's President and Chief Executive Officer, Scott Schuff, stated that the sale of Quincy Joist assets will allow Schuff to focus on the Company's strengths. "This strategic sale of non-core business assets provides us with further opportunity to strengthen our industry-leading steel fabrication and erection business by reinvesting in our existing steel fabrication plants and/or reduction of debt."
About Schuff International, Inc.
Schuff International, Inc. (PINKSHEETS: SHFK) and its family of steel companies is the largest steel fabrication and erection company in the United States. The 37-year-old Company executes projects throughout the country as well as internationally. Schuff offers integrated steel construction services from a single source including design-build, design-assist, engineering, BIM participation, 3D steel modeling/detailing, fabrication, advanced field erection, project management, and single-source steel management systems. Schuff International, Inc. employs approximately 1,500 people throughout the country. For more information, visit: www.schuff.com.
Certain statements in this news release may contain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, are forward-looking statements that involve substantial risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. These risks and uncertainties include, but are not limited to, the Company's ability to successfully complete the transaction; Canam Group's ability to successfully complete the transaction; the Company's ability to reinvest or pay-off debt; actions taken or not taken by third parties, including the Company's customers, suppliers, business partners, and competitors and legislative, regulatory, judicial and other governmental authorities and officials. The Company cautions that these forward-looking statements are further qualified by other factors. The Company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.
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AT THE COMPANY:
Michael R. Hill
Vice President & CFO
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