(TSX:BUI)
WINNIPEG, MB, March 27,
2024 /CNW/ - Buhler Versatile Inc. ("Versatile"), a
wholly owned subsidiary of Buhler Industries Inc. (Buhler
Industries or the Company), has received $14.4 million Canadian ($10.7 million USD) in additional long term
financing from its majority owner Başak Traktör Tarim Ziraat Ve Iş
Makinalari Sanayi Ticaret A.Ş. ("Başak Tractor"). Basak
Tractor recently acquired majority ownership in Buhler Industries
and is fully supportive in growing sales in Buhler
Industries. Basak Tractor is a wholly-owned subsidiary of
ASKO Holding. Buhler Industries negotiated favorable terms
with Basak Tractor and has the ability to repay the debt sooner
than full term. A portion of the loan expires in 2025 with
full repayment due in 2028.
In addition, the Company continues to negotiate its credit
facilities with Canadian Imperial Bank of Commerce ("CIBC"). A
portion of the credit facility was paid at the time of the takeover
on December 28, 2023.
About Buhler Industries
Buhler Industries is headquartered in Winnipeg, Manitoba, Canada and is a publicly
traded Company on the TSX (TSX: BUI). The Company manufactures and
distributes its product through several brand
names including Versatile and Farm King. The Versatile line of
equipment consists of tractors and tillage. Farm King supplies
augers, mowers, bale carriers, snowblowers, and compact implements.
The Company has manufacturing facilities and warehouses in both
Canada and the United States.
Complete financial
statement: http://www.buhlerindustries.com/pages/investors.php
Trading symbol: BUI
Forward-looking statements: Certain statements made above
contain forward-looking statements including, but not limited to,
statements concerning possible or assumed future results of
operations of the Company. Forward-looking statements represent the
Company's intentions, plans,
expectations and beliefs, and are not guarantees of future
performance. Such forward-looking statements represent Buhler
Industries current views based on information as at the date of
this report. They involve risks, uncertainties and assumptions and
the Company's actual results could differ, which in some cases may
be material, from those anticipated in these forward-looking
statements. Factors that could cause results to differ from those
expected include, but are not limited to: the terms, availability
and costs of acquiring raw materials and the ability to pass on
price increases to customers; ability to negotiate contracts with
new customers or renew existing customer contracts with less
favorable terms; timely response to changes in customer product
needs and market acceptance of our products; the potential loss of
business or increased costs due to customer or vendor
consolidation; competitive pressures, including new product
development; industry capacity, and changes in competitors'
pricing; ability to maintain or increase productivity levels;
ability to contain or reduce costs; foreign currency exchange rate
fluctuations; changes in governmental regulations, including
environmental, health and safety; changes in Canadian and foreign
income tax rates, income tax laws and regulations. Unless otherwise
required by applicable securities law, Buhler Industries disclaims
any intention or obligation to publicly update or revise this
information, whether as a result of new information, future events
or otherwise. The Company cautions investors not to place undue
reliance upon forward-looking statements.
SOURCE Buhler Industries Inc.