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Latest News:
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Steelworkers Reject Heico-Ivaco Final Offer
Sep. 16, 2005 - United Steelworkers Ontario/Atlantic Director Wayne Fraser said Thursday that the 450 members of Locals 8794 and 7940 have rejected by over 90% the offer by Heico Companies LLC. At the time of the vote, Heico had already locked out employees at the former Ivaco steelmaking facility in Hawkesbury.
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Steelworkers Vote to Strike if Necessary Against Heico-Ivaco
Sep. 1, 2005 - United Steelworkers Ontario/Atlantic Director Wayne Fraser announced results of a strike vote by members of Locals 8794 and 7940 at the Heico-owned former Ivaco steelmaking facility in Hawkesbury. Results of the vote were 99.5% in the meltshop and 96% in the rod mill, in favor of strike action if necessary by the deadline of September 16.
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Former Ivaco Directors Resign
Mar. 9, 2005 - Ernst & Young Inc., court-appointed Monitor of Ivaco Inc. and certain of its affiliates announced that all of the directors have advised the Monitor of their resignation.
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Ivaco Updates Financial Reporting Plans
Nov. 18, 2004 - Ivaco Inc. announced that, given the previously announced Court-approved sale of company assets to a subsidiary of Heico Companies, LLC, it will not be in a position to file its financial statements for the period ended Sep. 30, 2004, or, possibly, for future periods.
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Court Approves Ivaco Sale
Aug. 27, 2004 - The Ontario Superior Court of Justice has approved the sale of substantially all of Ivaco Inc.’s assets to an affiliate of Heico LLC in accordance with the Purchase and Sale Agreements previously announced. The transaction is expected to close before year end.
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Ivaco Enters Sales Agreements with Heico
Aug. 10, 2004 - Ivaco Inc. announced that Ivaco, Ivaco Rolling Mills LP, and Ifastgroupe and Co., LP have each entered into a binding agreement with a wholly owned subsidiary of The Heico Companies, LLC for the sale of their respective businesses to Heico. The aggregate purchase price for the three businesses is $375 million, including certain assumed liabilities.
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