Techspan Industries Inc. of Mississauga Ontario has Signed a Letter of Intent to Acquire Fusetek of Kingston Ontario
April 19, 2018
Malcolm Bird, General Manager of Fusetek, and Frank Dunnigan, CEO of Techspan Industries, are pleased to announce the proposed sale of shares of Fusetek to Techspan Industries Inc. The expected closing date is June 12, 2018.
“After 45 years in business, we had to look at a succession plan” said Mr. Bird. “We looked for the right fit – not just for ourselves, but also for our customers, suppliers and employees. Founded in 1989, Techspan is a family owned Canadian company with a similar business philosophy and a set of corporate values that closely matched those of Fusetek. We couldn’t think of a better partner to carry the Canadian torch forward than Techspan.”
“We were looking for a strategic acquisition that would deliver more value to our distributor customers across Canada” said Mr. Dunnigan. “The Fusetek range of products are an excellent addition to our already extensive product offering.”
Techspan’s head office is in Mississauga ON and has a facility in Burnaby BC.
Fusetek will continue to be run as a separate division with no change in the current sales team. The Kingston warehouse and offices are a part of the acquisition and inside sales functions and product shipments will continue from Kingston for a seamless transition. Melding of finance and accounting functions will occur in short order.
Techspan supplies thousands of wiring products to electrical, automotive, and industrial distributors throughout Canada. www.techspan.ca
Fusetek is a recognized leader in industrial fuses and related panel products and similarly sells through electrical distributors across Canada www.fusetek.com
For more information, please contact Malcolm Bird mbird@fusetek.com
or Frank Dunnigan frank@techspan.ca
