Norseman Group Ltd. of Edmonton plans to buy the assets of Cover-All Building Systems effective tomorrow.The company intends to form a subsidiary called Norseman Structures Inc. and resume operations at the former Cover-All plant in Saskatoon in the next few weeks, the company said in a news release. Norseman already makes fabric membrane structures and rig enclosures and was a competitor with Cover-All, which made steel frame fabric-covered buildings.The deal is subject to court approval, and a decision is expected tomorrow. Norseman was the leader among 10 bids for Cover-All. The purchase price has not been released. Cover-All went into receivership in April, laying off most of its 483 employees.The company ran into financial problems and had liabilities of $96 million when it sought creditor protection.It also faced lawsuits associated with the failure of Cover-All buildings in the United States, including the collapse of the Dallas Cowboys training facility in May 2009 during a wind storm.The new owners have bought only the assets, and the lawsuits will remain with Cover-All.Norseman Group president Ron Bryant met with previous and remaining employees of Cover-All and was pleased with the response. Norseman has already hired several dozen employees.The acquisition gives Norseman Structures Inc. the broadest product line and one of the most extensive distribution networks for pre-engineered membrane structures in North America.Founded in 1921, Norseman Group Ltd. is the parent of several companies, including Norseman Structures Inc. and Norseman Inc., which produces industrial fabric and foam products for the construction and bulk packaging industries.
Edmonton company buys Cover-All assets
explore
Stories from our other publications
