Stella-Jones to acquire Boatright
Mar. 18, 2014 - Stella-Jones has signed a non-binding letter of intent to acquire the wood treating facilities of Boatright Railroad Products located in Montevallo and Clanton, Alabama. Boatright manufactures, sells and distributes creosote and borate-treated crossties as well as switch ties, tie plugs and bridge timbers to railroad operators.
The transaction, if finalized, is expected to close during the latter part of the second quarter of 2014 and is subject to customary closing conditions, including signature of a definitive asset purchase agreement and satisfactory due diligence. Stella-Jones plans to finance the transaction through existing credit facilities.