NEWMARKET, Ontario, Nov. 09, 2021 (GLOBE NEWSWIRE) — AirBoss of America Corp. (TSX: BOS) (OTCQX:ABSSF) (the “Company” or “AirBoss”) today announced its third quarter performance as it moves forward into the remainder of the year and 2022 with very strong momentum. The Company will host a conference call and webcast to discuss the results on November 10th at 9 a.m. ET, the details of which are further below.
($US except where otherwise noted)
- Completed the acquisition of 100% ownership of Ace Elastomer, Inc. (“Ace”) for US$42.5 million in cash;
- Announced new credit facilities with increased revolving credit availability up to $250 million (from $150 million) with an accordion of $75 million (from $50 million);
- Received approval from the National Institute for Occupational Safety and Health (“NIOSH”) for its new AirBoss 100™ Half Mask Respirator; and
- Continued deliveries of nitrile patient examination gloves under the previously announced order for the Strategic National Stockpile (“SNS”) for the U.S. Department for Health and Human Services (“HHS”) – Office of the Assistant Secretary for Preparedness and Response (ASPR) worth up to $288 million, anticipated to be completed in Q4 2021.
“I’m very pleased to report a strong quarter of progress for AirBoss, including the production and final commencement of shipments for the remaining portion of the 18 million boxes of nitrile patient examination gloves for the U.S. Strategic National Stockpile for HHS, the acquisition of Ace Elastomer which has propelled us into a market leading position in color and specialty rubber compounding and expanded our geographic penetration in the U.S., and the installation of new technology to improve automation and efficiencies at our engineered products facility,” said Chris Bitsakakis, President and COO of AirBoss. “Although Q3 financial performance was impacted by the shift to the right of $116 million of sales due to West Coast port backlogs and COVID-19 lockdowns, we are reiterating our 2021 outlook and expect record results in the fourth quarter.”
“Solid operational execution, including a combination of domestic sourcing, advanced buying tactics and the development of alternative sources, helped mitigate the impact of numerous global challenges including on-going global freight, labour and logistics challenges, raw material price escalations and constraints, and the continued impact of the COVID-19 pandemic,” added Mr. Bitsakakis. “While we expect such issues to continue through the remainder of 2021, we have solidified our position this year as a leading supplier of personal protective equipment (“PPE”) to the health care and survivability sectors while making investments to position our AirBoss Defense Group (“ADG”), Rubber Solutions (“ARS) and Engineered Products (“AEP”) segments for strong performance coming out of the pandemic as the economy stabilizes …