August 23, 2017ByAnthony Capkun
August 22, 2017 – Erie Thames Powerlines Corp. reports that its eight municipal shareholders unanimously agreed to pursue a merger with West Coast Huron Energy Inc. (a.k.a. Goderich Hydro).
West Coast’s sole shareholder, the Town of Goderich, will receive shares in ERTH Corp. and a seat on the board of directors.
ERTH says no job losses will occur as a result of the merger, saying efficiencies will be found over time through attrition, eliminating duplicate back office systems, equipment, fleet and having stronger buying power in the market.
“We share many of the same values and corporate culture, which will make for a smooth transition,” said Chris White, president & CEO, ERTH. “Our two companies coming together will position us well as a stronger regional organization, well-positioned for the future.”
Now that both ERTH shareholders and the Town of Goderich have given their approval for their respective parties to move toward a merger, final due diligence and negotiations will follow. Once complete, the merger will be submitted to the Ontario Energy Board for regulatory approval. It is anticipated a merger would not occur until early 2018.
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