Wajax makes an acquisition

Article Excerpt

WAJAX CORP., $27.16, is a buy. The company (Toronto symbol WJX; TSINetwork Rating: Extra Risk) (www.wajax.ca; Shares outstanding: 21.5 million; Market cap: $586.6 million; Dividend yield: 4.9%) is now acquiring—through its wholly owned business Tundra Process Solutions—all of the outstanding shares of Polyphase Engineered Controls (1977) Ltd. That firm specializes in producing custom electrical and instrumentation equipment. Polyphase employs 44 people, including a team of skilled wiring and panel assemblers. All in all, the added expertise, combined with the increased capacity of Polyphase’s facilities, will enhance Wajax’s ability to undertake large-scale, time-critical projects. Wajax Corp. is a buy. buy. …