Ivaco Inc. and Fertek Inc. to Create Canada's Largest Manufacturer of Wire Mesh

1 October 1999

Ivaco Inc. and Fertek Inc. to Create Canada's Largest Manufacturer of Wire Mesh

    MONTREAL--Sept. 30, 1999--Ivaco (TSE:IVA.) (ME:IVA.)

    Fertek Ivaco Inc. and Fertek Inc. today announced plans to establish a joint venture to merge their respective wire mesh operations.
    The two companies will join forces in a new company to be called Numesh Inc., based in Laval, Quebec, which will become the largest manufacturer of wire mesh in Canada. The new company is expected to be established in the second half of October upon completion of definitive agreements and will be owned 50 % by Ivaco and 50 % by Fertek.
    Paul Ivanier, President and Chief Executive Officer of Ivaco and Michel Tasse, President and Chief Executive Officer of Fertek commented, "This merger is a great opportunity for both Ivaco and Fertek in merging their respective mesh operations. The merger will result in efficiencies and will further enlarge the mesh operation". The new company is expected to produce more than 40,000 tonnes of wire mesh products annually and is expected to be the most efficient and top quality supplier for the Eastern Canadian marketplace. When Numesh is running at capacity next year, the workforce at its Laval plant will be comprised of approximately 100 employees.
    Michel Tasse will become President and Chief Executive Officer of Numesh.
    Ivaco is a Canadian corporation and is a leading North American producer of steel, fabricated steel products and precision machined components. Ivaco has operations in Canada and the United States. Shares of Ivaco are traded on The Toronto Stock Exchange and The Montreal Exchange (IVA).
    Fertek is a privately owned Canadian corporation founded in Montreal in 1974. In addition to wire mesh, Fertek is involved in the manufacturing of welded fencing.