Premier Tech Composites is created from acquisition
Premier Tech Ltd. has acquired a 60% interest in its strategic partner Plastique Joliette inc. which will now use the name Premier Tech Composites.
RIVIERE-DU-LOUP, PQ, Dec. 5, 2000 — Premier Tech Ltd. has acquired a 60% interest in its strategic partner Plastique Joliette inc. which will now use the name Premier Tech Composites.
Located in Joliette, Qu�c, this business unit specialises in the manufacturing of plastic parts using the rotor-moulding process. This firm currently employs 24 persons and has realised revenues of $2.4 million during its last financial year completed in December 1999.
Premier Tech Composites will play an important role in the strategic development of Premier Tech Environment, a growing business unit recognised for its innovative decentralised wastewater treatment technologies and constant concern for protecting human health and the environment.
This strategic investment provides Premier Tech Environment with its own manufacturing capacity in the field of plastic moulding processes. It also enables this business unit to widen its product line through the introduction, in Spring 2001, of a comprehensive septic tank program unique in North America, composed of exclusive parts and accessories designed for high performance concrete and polyethylene sceptic tanks.
Premier Tech Environment revenues have increased by a rate exceeding 80% per year for the last four years.
The integration of a manufacturing capacity will position this business unit in the field of decentralised wastewater treatment systems and will provide Premier Tech Environment with an integrated product offering.
Premier Tech Ltd. consists of six units; packaging, environment, horticulture, industrial and life sciences. Its products are sold chiefly in the Americas, Europe and Asia. Its shares are listed on the Toronto Stock Exchange under the ticker symbol PTL.A.