Firm Buys Stake in Bankrupt Glendale’s Parent
Oakwest Corp. Ltd. and its affiliates are gaining control of Firan Technology Group, a Toronto-based manufacturer of printed-circuit boards and illuminated display systems, in a $2.6-million transaction, the Winnipeg Free Press reported.
Oakwest announced Thursday (March 31) it will buy about 8.5 million shares of Firan for 31 cents each from the bankruptcy trustee for Glendale International Corp., a Canadian manufacturer of recreation vehicles that shut down early last year.
Apart from its main operations, which made Glendale- and Travelaire-branded RVs in Strathroy, Ontario, and Red Deer, Alberta, Glendale had a controlling stake in Firan — a publicly traded company that has continued to operate.
Combined with its other holdings, Oakwest and its affiliates — including Robert Beutel, a director, officer and shareholder of Oakwest — will own 51.5% of Firan, which makes components for the aerospace and defence industries.
The shares were bought in a private sale from Ernst & Young, the bankruptcy trustee.
Firan’s shares closed Thursday on the Toronto Stock Exchange at 27 cents.