Acquires Abrasive Production Facility
Opta Minerals Inc. a vertically integrated producer, manufacturer, distributor and recycler of industrial minerals, silica-free loose abrasives, roofing shingle granules, specialty sands and related products, today announced that it has reached an agreement to acquire the production assets of an industrial minerals processing facility in Laval, Quebec. This leased 39,000 square foot facility is ideally suited to produce abrasive media for blasting purposes, as well as garnet for both abrasive, waterjet and water filtration applications. The assets were acquired from receivership for $400,000. The plant is expected to begin commercial production early May, and the Company expects 2007 revenues from operations to be over $1,000,000, with continued strong internal growth in the following years.
"We are very excited about this new addition to our group of companies" said Martin Caouette, Vice-President and General Manager, Eastern Division. "With a new, well located, flexible production facility in the eastern region, we will be able to supply the market with very competitive high quality products".
"The inclusion of a production facility in Laval will further contribute to the Company's stated objective to become one of the dominant North American producers and suppliers of industrial minerals, silica-free loose abrasives, and roof shingle materials" said David Kruse, President and Chief Executive Officer. "There is strong demand for high quality abrasive, waterjet cutting media and water filtration materials in the Montreal area, as well as in New York State. Having a production facility such as this within the market will enable us to expand into this territory and continue to provide customers in both Canada and the U.S. with a full range of abrasives and industrial minerals".