Exchange Income Corp. buys DryAir Manufacturing for $60 million in cash and shares
By The Canadian Press on October 5, 2023.
WINNIPEG – Exchange Income Corp. says it has acquired DryAir Manufacturing Corp. for $60 million in cash and shares. Under the deal, EIC paid $15 million in shares and $45 million in cash. Founded in 1994, DryAir manufactures heating systems to a variety of industries in North America. The company’s head office and manufacturing facilities are in St. Brieux, Sask. EIC chief executive Mike Pyle says DryAir has a strong management team, company culture, industry reputation and growing cash flows. EIC is a diversified company, focused on the aerospace and aviation and manufacturing sectors. This report by The Canadian Press was first published Oct. 5, 2023. Companies in this story: (TSX:EIF) 9-8
