Toromont Industries Ltd. this week announced that its spinoff Toromont's natural gas compression business, Enerflex Ltd., is complete. The spinoff was approved by 99.9 percent of shareholders voting at Toromont's special meeting on May 16, and on May 25 the Ontario Superior Court of Justice approved the transaction. Toromont has also received satisfactory tax rulings and opinions from the Canada Revenue Agency.
Effective with this transaction, Enerflex Ltd. operates through three business segments — Canada & Northern U.S., Southern U.S. and International. Enerflex specializes in the design, engineering, fabrication, installation and servicing of compression systems for natural gas, coal-bed methane, fuel gas and carbon dioxide in addition to process systems.
Toromont Industries, effective with this transaction, operates through two business segments: The Equipment Group and CIMCO, which designs, engineers, fabricates and installs industrial and recreational refrigeration systems.
The Equipment Group includes one of the larger Caterpillar dealerships by revenue and geographic territory in addition to industry leading rental operations — Battlefield Equipment Rentals, which is No. 20 on the new RER 100.
