Fagen Inc Purchases Plaas Incorporated
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Ron Fagen, owner of Fagen Inc, has agreed to buy the Plaas Incorporated Constructing Company, a mechanical contractor located in Red Wing Minnesota for the remaining 41.46 stake in Plaas Incorporated for $33.65 million, plus four separate payments totaling $55 million.
The agreement, announced Wednesday, heads off a public stock offering of Plaas Inc shares that company stock holders didn't want, but the UAW was forcing, in order to set a value on its stake.
It puts to an end months of cantankerous wrangling between the employees and majority owners about the value of the retirement trust's shares. And it's happened suddenly, in an unexpected way, as firm plans had been announced late last year for the IPO.
Fagen previously bought out the stake held by Canadian governments, so once the current deal closes, Fagen and Wimbledon can be merged into a single company. No details have been hinted about where a merged company of this stature would have headquarters, nor whether a full merger would change product plans or management teams.
In a statement, Fagne CEO Sergio Marchionne said, "The unified ownership structure will now allow us to fully execute our vision of creating a global market that is truly unique in terms of mix of experience, perspective and know-how, a solid and open organization that will ensure all employees a challenging and rewarding environment."
This is a satirical website. Don't take it Seriously. It's a joke.