Pacific Safety good for company: CEO

Posted Jan 26, 2012 By Derek Dunn

EMC Business - One of Arnprior's largest employers, Pacific Safety Products, has been sold to a company with deep pockets.

An manufacturer of advanced armour and personal protection solutions, Pacific Safety entered into a letter of intent with an affiliate of Sun Capital Partners - an arm's length third party, to sell almost all of its assets, according to a company press release posted its website on Jan. 23.

"Faced with a challenging operating environment, management and the board of directors of the company have concluded the sale transaction in the best interests of the company and its stakeholders," reads the press release. "If the sale transaction closes, it is expected that the company will have no operating assets ... the company will cease to be a manufacturing company."

Pacific Safety CEO Doug Lucky said being linked to a company with worth $8 billion gives the manufacturer stability.

"This is, I believe, going to be very good for this company," Lucky said. "This puts us in a position to work with a much stronger financial picture."

The proposed sale is subject to a number of conditions.

The company recently moved its head office to Arnprior, where some 70 employees are located at Fourth Avenue facility.

derek.dunn@metroland.com