LANGLEY, B.C. — Atlas Engineered Products Ltd. has announced it will acquire the majority of ZyTech’s manufacturing assets from its former Langley location.
“Last year we increased our footprint in British Columbia by expanding into the Lower Mainland through Novum Building Components Ltd. and by adding a pre-manufactured wall plant at our Atlas Building Systems Ltd. operations in Nanaimo on Vancouver Island,” said Dirk Maritz, Atlas CEO and president, in a press release. “Now with this asset purchase from ZyTech, we are adding advanced technology equipment to our business, and it will improve our profitability at several locations.”
Maritz noted that because the B.C. industry was deemed an essential service as the pandemic began to hit the province, he made it a priority to continue expansion. He also saw ZyTech’s move to focus more on its Alberta and U.S. markets an opportunity to reinforce Atlas’ presence in B.C.
According to Atlas, the equipment purchase is expected to be completed at the end of January at a purchase price of $958,160. Atlas representatives stated this is below replacement or market value. The equipment will be installed at the company’s Novum and Atlas Building Systems locations this spring and is expected to be ready for the 2021 peak building season. In addition to acquiring this equipment, Atlas will be finish up several supply contracts for a number of ZyTech’s clients.
“Along with our new banking and financing deal that was previously announced, this equipment acquisition positions us to start 2021 with a significant next step in our organic growth plan,” said Atlas’ interim CFO Melissa MacRae.
Atlas is truss and engineered products company.