The droughts of the last couple of years continue to affect prairie agri-businesses.
Master Manufacturing Inc., which operates under the name Fairford Steel Products, was placed into receivership April 23.
The 41-year-old company from Moose Jaw, Sask., is well known for its arched and straight steel wall buildings.
Ian Schofield, vice-president with Meyers Norris Penny Ltd. in Regina, is the receiver. He said the company continues to operate and fill orders while he looks for a buyer.
Twenty-two employees work at the 53,000 sq. foot manufacturing plant, which doubled in size when the company moved to a new location in 1999.
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“It was clear the company was gearing up to sell more product,” Schofield said, but drought has “just kicked it in the teeth.”
He said sales dropped to $2.5 million in 2001-02 from $4.5 million in 2000-01. Sales this year are expected to be about the same as last year.
Earl and John Dokken started Fairford Steel in 1962. Over the years, its fortunes fluctuated with the agricultural economy.
Three Regina entrepreneurs bought the company about four years ago, moved it to the bigger facility and diversified the product line.
It began manufacturing commercial and industrial buildings as well as canvas-covered grain storage buildings.
The company was also exporting to the United States and Australia.
Schofield said the business is viable. He is looking for buyers and is accepting offers until June 13.
The company traditionally has a display at the Western Canada Farm Progress Show in Regina. Schofield said space is booked for the June 18-20 show.
