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Wajax Corporation - Price Target Update

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Wajax is engaged in the distribution, rental and after-sales parts and service support of mobile industrial equipment, industrial components and power systems through a network of 109 locations across Canada. (Down from 123 branches) Wajax is a multi-line distributor and represents a number of leading worldwide heavy equipment manufacturers. Industrial mobile equipment is used for material handling, utility, construction, forestry, mining and oil and gas industries; parts and service include industrial components such as bearings and power transmission products, hydraulic components and systems process equipment, distribution and servicing of diesel engines, transmissions and power generators. Empire Company Ltd. (EMP.A), former owners of Wajax retain a 27.6% interest

Measured by revenue the Mobile Equipment segment contributes approximately 50%, Industrial Components and Power Equipment at 25% each. New equipment sales contribute approximately half of revenues, while components, parts and services provide the other half. Geographically 40% of revenues are from Western Canada, 34% from eastern Canada and 26% from Ontario. Their customer base is diversified, spanning natural resources, construction, transportation, manufacturing, industrial processing and utilities. Revenues from the construction sector contribute 35%, mining/oil sands -35%, material handling 16%, forestry 12% and crane/utility -7%. Wajax's operating results are reported in Canadian dollars. While the majority of Wajax's sales are in Canadian dollars, significant portions of its purchases are in US dollars and Japanese Yen. Currency exposure is offset using hedge contracts.

The equipment, power systems and industrial components distribution industries in which Wajax competes are highly competitive. The Equipment segment competes against John Deere, Komatsu and Caterpillar. The Power Systems business competes with other major diesel engine distributors including Cummins and Caterpillar.

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