Business & Finance
Business and Finance
Business and Finance
Wed, January 5, 2011
Tue, January 4, 2011 IBI Group Inc. announces the Settling of Business Arrangements for the Acquisition and Merger of CSM Engineering Ltd. within th
TORONTO, Jan. 4 /CNW/ - IBI Group Inc (The "Company") (TSX: IBG) announced today that business and legal arrangements have been concluded to provide for the acquisition and merger of CSM Engineering Ltd., based in Fort McMurray, Alberta, effective December 31, 2010, to continue the practice of civil engineering for land development and infrastructure in Fort McMurray and Northern Alberta.
CSM Engineering Ltd., has been leading the civil engineering practice in the development of land and infrastructure in Fort McMurray, for over a decade.
Phil Beinhaker, Chairman Director and CEO of the IBI Group noted that, "The professional engineering team led by Cliff Maron and other senior professionals, integrated within the IBI Group, will constitute an experienced and broadly based professional team to serve the continuing community and infrastructure needs in Fort McMurray, arising from the continuing developments of the Oil Sands." Peter Moore, Operating Director of IBI Group and the senior Director of the professional practise in Alberta noted that "CSM and IBI Group have collaborated on projects previously, and are doing work in joint venture currently for mutual clients. This merging of the CSM professional engineering practise within IBI Group will enable us to provide more comprehensive and effective services to our clients, especially given the commitment by Cliff Maron and all the professional staff to continue."
Cliff Maron Managing Principle of CSM noted that, "The merger with IBI Group will enable CSM to broaden and strengthen the talent and experience of CSM to undertake larger scale projects with more comprehensive services. It also opens broader horizons for the growth of the CSM professional team over the longer term within the IBI Group of Firms."
About IBI Group Inc.
IBI Group Inc. is a TSX listed company, which pays monthly dividends and trades under the symbol "IBG". IBI Group Inc. holds an indirect 72% interest in IBI Group, a partnership which, directly and through its subsidiary entities, provides professional services, including planning, design, implementation, analysis of operations and other consulting services in relation to four main areas of development, being urban land, building facilities, transportation networks and systems technology. The remaining 28% of IBI Group is owned by IBI Group Management Partnership. On a partially diluted basis, assuming the exchange of its units of IBI Group for common shares of IBI Group Inc., IBI Group Management Partnership together with affiliated entities holds a combined 46% interest in IBI Group Inc.
