AIM Owners Acquire SNF

A corporation controlled by Messrs. Herbert and Ronald Black completed an agreement in view of acquiring SNF and its subsidiaries, an enterprise held by Messrs. Jean-Guy and Bernard Hamelin and the Solidarity Fund QFL.

This transaction, subject to the granting of requisite consents, should be finalized during the first quarter of 2008. The company did not release details on the acquisition.

SNF operates as a metal recycler in Québec and the Maritimes in Canada. The company also operates two shredding facilities, located in Laval and in St-Augustin-de-Desmaures.

For their part, Messrs. Herbert and Ronald Black are involved in metal collection and recycling. They also carry on manufacturing activities in Canada, the United States, Mexico, China and Hong Kong.

The Hamelins have operated SNF for 35 years.

Combined the company handles around 1.6 million tons of ferrous metal. The company has a host of operations throughout North America, including some refining operations in the United States.

In making the acquisition, Herbert and Ronald Black, note "The activities of SNF complement our own very well. This acquisition will enable the creation of a stronger and more competitive business which will be able to respond to the growing pressures of international markets. A better productivity and efficiency of distribution constitute a winning combination for the employees, the suppliers and the clients of our businesses", they conclude.