Philip Services sells aluminum plants

Article Abstract:

Philip Services Corp., a Hamilton, Ontario-based company, will sell some of its aluminum facilities in Canada and the US to Wabash, IN-based Wabash Alloys LLC. Philip recently signed a definitive agreement to sell the aluminum alloys facilities in Syracuse, NY, and Guelph, Ontario; and the aluminum deoxidizing plant in Bellwood, VA, to Wabash Alloys. Philip had to sell off some of its assets to be able to pay off its huge debt of C$1.2 billion. The company will take a C$27 million writedown for the sale to show that it sold the plants for less than they cost to buy. Meanwhile, Philip will keep its aluminum facilities in Baie-Comeau and Becancour, both in Quebec.

Comment:

Will buy the aluminum alloys plants & aluminum deoxidizing plant of Philip Services in Ontario, New York & Virginia

Virginia, Asset sales & divestitures, New York, Ontario, Primary Aluminum Production, Aluminum Alloys, Philip Services Corp., Wabash Alloys LLC

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Centrefund to purchase 10 shopping centres

Article Abstract:

Centrefund Realty Corp., based in Toronto, Ontario, Canada, is buying another 10 shopping centers in Florida and Texas for C$145 million, increasing its portfolio size by 16%. According to President and CEO Peter Cohen, the company will still be capable of expanding its shopping center holdings by over C$250 million should it complete the acquisition. The company has 51 shopping malls with 8.2 million sq ft of space and it also has five development sites with a potential to contain up to 700,000 sq ft. Centrefund also has agreed to buy 22 additional sites, with potential for a maximum space of three million sq ft.

Comment:

Is buying another 10 shopping centers in Florida & Texas for C$145 million, increasing its portfolio size by 16%

Florida, Texas

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Centrefund to buy four U.S. malls

Article Abstract:

Centrefund Realty Corp. of Toronto, Canada, has forged conditional deals to acquire four shopping malls in Texas and Florida, USA, for approximately C$75.8 million. Centrefund will only reveal the names of the target US shopping malls upon completion of the deals. The company had acquired four shopping centers earlier in 1998 for C$33 million and it effected a C$190-million purchase program for shopping centers in 1997. Centrefund, which currently owns a stake in 49 properties with leasable space of around 7.9 million square feet, is the owner and developer of shopping centers in the US and Canada.

Comment:

Signs conditional deals to acquire four shopping malls in Texas and Florida for approximately C$75.8 mil

United States

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