News Releases
TSX: CUQ
CALGARY, Aug. 12 /CNW/ - The Churchill Corporation (the "Corporation" or
"Churchill") announced that it will be undertaking operational consolidation
initiatives to gain better efficiency, improve customer service, reduce costs
and deliver greater productivity. Jim Houck, Churchill President and CEO,
stated "We are changing our business model to share office space and certain
staff functions among our business entities to improve productivity and
financial results. Given the growth and development of Churchill,
consolidating our operations into Edmonton and Calgary is an important step to
increasing our market presence. The Corporation has begun making the
arrangements necessary for the relocation and expects to have completed most
of the transition by the end of September 2009."
Earlier today, Churchill announced that it had reached a definitive
purchase and sale agreement regarding the sale of its Triton companies. The
Corporation will then seek to divest itself of an owned building at 8525
Davies Road which houses Triton, Insulation Holdings Inc. and some Churchill
corporate staff functions. As part of the Triton sale transaction, Churchill
will realize incremental value from the sale of a latent asset on our balance
sheet with the future sale of the Davies Road property.
In addition, Churchill announced today that effective August 17, 2009,
the office of the CEO, certain corporate finance, human resources, investor
relations and other corporate centre functions will be relocating the
Corporation's head office, which will be co-located with Stuart Olson's
headquarters in Calgary. The remaining corporate functions of internal audit
and information technology will remain in Edmonton and be co-located in office
space with Laird Electric Inc.
The corporate office of Laird Electric will be moving from Fort McMurray
to Edmonton to centralize their corporate operations, increase cost
competitiveness, and to grow the business outside its core activities in Fort
McMurray. "We are moving to Edmonton for business reasons and to position
ourselves to work closer with the other Churchill Operating Companies located
in Edmonton" said David LeMay, President and Chief Operating Officer, Laird
Electric Inc. "The major energy sector offices are located there, with
engineering, fabrication, construction and maintenance support for oil sands
activities planned and implemented between Calgary, Edmonton and Fort
McMurray. We will continue to have a Fort McMurray office which will act as
the base for Gerry Milligan, Laird's new Vice President of Operations and we
will continue to demonstrate our commitment and support for all the
communities in which we live, work and play. Laird's new corporate office in
Edmonton is fully operational."
As a result of the expected future divestiture of the 8525 Davies Road
property, Insulation Holdings Inc. will relocate its corporate office into
Churchill's vacant space in Edmonton. Insulation Holdings expects to have
completed the transition to their new premises by the end of September, 2009.
Additionally in Fort McMurray, Insulation Holdings and Laird Electric will be
consolidating office space within the existing Laird building. This
consolidation is also expected to be completed by the end of September, 2009
and will generate additional cost savings.
The following table provides by segment the contact information and
timing associated with the office consolidations:
<<
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Co-located Expected
Offices With Address Relocation Date
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Churchill Corporate Stuart Olson 400, 4954 Richard August 17, 2009
Centre (Finance, Headquarters Road SW
Human Resources, Calgary, AB T3E 6L1
Investor Tel: 403-685-7777
Relations) Fax: 403-685-7770
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Churchill (Internal Laird 6707 - 59 Street August 17-24, 2009
Audit & Information Electric Edmonton, AB
Technology) Corporate T6B 3P8
Office Tel: 780-450-9636
Fax: 780-450-4209
-------------------------------------------------------------------------
Laird Electric 6707 - 59 Street August 24, 2009
Corporate Office Edmonton, AB
T6B 3P8
Tel: 780-450-9636
Fax: 780-450-4209
-------------------------------------------------------------------------
Insulation Holdings 11825 - 149 Street September 30, 2009
Corporate Office Edmonton, AB
T5L 2J1
Tel: 780-481-9600
Fax: 780-468-3136
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Insulation Holdings Laird 225 MacDonald September 30, 2009
Electric Crescent
Fort McMurray, AB
T9H 4B5
Tel: 780-743-2595
Fax: 780-791-0441
-------------------------------------------------------------------------
>>
About The Churchill Corporation:
The Churchill Corporation provides building construction, industrial
construction and maintenance services throughout Western Canada. Churchill
common shares are listed on the Toronto Stock Exchange under the symbol "CUQ".
FORWARD LOOKING STATEMENTS
Certain statements in this Press Release may constitute "forward-looking
statements". Forward-looking statements include, without limitation,
statements regarding the future financial position, business strategy,
budgets, litigation, projected costs, capital expenditures, financial results,
taxes, plans and objectives of the Corporation. Many of these statements can
be identified by looking for words such as "believes," "expects," "may,"
"will," "intends," "anticipates," "estimates," "continues," or the negative
thereof, or other variations thereon. Although management of Churchill
believes its expectations regarding future performance of the Corporation are
based on reasonable assumptions and currently available competitive, financial
and economic data, market conditions and operating plans, it can give no
assurance its expectations will be achieved. The Corporation cautions that, by
their nature, forward-looking statements, involve risks, and uncertainties and
that its actual actions, and/or results could differ materially from those
expressed or implied in such forward-looking statements, and that the
aforementioned risks, uncertainties and actions could affect the extent to
which a particular projection materializes. The Corporation assumes no
obligation to update the forward-looking statements should circumstances or
the Corporation's management's estimates or opinions change.
