Toromont Industries Ltd. this week announced that the proposed spinoff of its natural gas compression business, Enerflex Ltd., was supported by 99.9 percent of the Toromont shares voted at the special meeting held May 16.
"We are delighted that virtually all of our shareholders subscribe to our vision for the creation of two public companies pursuing their respective opportunities," said Robert Ogilvie, chairman and CEO of Toromont Industries Ltd. "Internally, all measures are in place for the two successor organizations to achieve success as independent companies — each with strong management teams, leading markets positions and growth momentum. Toromont, is very focused on seizing the evident growth opportunities arising with the economic recovery, mine development, broadening product offerings and through strategic acquisitions."
"The spin-off of Enerflex as a new TSX-listed company is the culmination of substantial efforts over a year of transformation," said J. Blair Goertzen, president and CEO of Enerflex Ltd.
Provided that the conditions to the spinoff are satisfied or waived, including the receipt of an acceptable tax ruling from the CRA and a final order from the Ontario Superior Court of Justice (Commercial List), the spinoff is expected to be completed effective June 1.
Headquartered in Toronto, Toromont Industries Ltd. operates through three business segments: The Equipment Group, the Refrigeration Group and Enerflex. The Equipment Group includes one of the larger Caterpillar dealerships by revenue and geographic territory in addition to rental operations, Battlefield Equipment Rentals, No. 20 on the new RER 100.
