Wajax expands to meet valve demand

Article Excerpt

WAJAX CORP., $19.12, is a buy. The company (Toronto symbol WJX; TSINetwork Rating: Extra Risk) (www.wajax.ca; Shares outstanding: 21.4 million; Market cap: $416.2 million; Dividend yield: 5.2%) recently announced that its wholly owned subsidiary Tundra Process Solutions has acquired the valve business of Powell Canada. Specializing in valve sales, service and support, Powell Valve operates facilities in Edmonton, Fort McMurray and Lloydminster, Alberta. For Wajax, the purchase adds three new valve servicing and repair locations, plus a team of highly skilled technicians, to help accelerate the growth of Tundra’s core business. The acquisition adds substantially to Tundra’s valve servicing capabilities, including field support, and increases its geographic reach. The newly acquired facilities in Edmonton and Fort McMurray will also provide increased capacity for pressure safety valve testing, assembly and recertification. Founded in 1999 and acquired by Wajax in 2021, Tundra plays a key role in Wajax’s Industrial Parts and Engineered Repair Services growth strategy. It provides maintenance and technical services to customers in the Western…

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