Maax declares itself for sale

Following an announcement by the chairman and founder of Maax Inc. that he would sell his shares in the company, the board of directors has decided to solicit offers for all of the issued and outstanding shares of the company. Maax is based in Ste. Marie, QC, and produces bathroom products, spas and kitchen cabinets. The company had sales of $616.9 million in the fiscal year ended Feb. 28, 2003.
Placide Poulin, chairman and founder of Maax, has announced plans to retire; this divestiture is part of that process. Poulin expressed confidence in the senior management and employees of Maax, who he says have contributed to the success of Maax for many years.
Maax currently employs 3800 people at 26 plants and distribution centres in Canada, the United States and Europe.
Poulin told the Globe and Mail that his son and daughter, both of whom are executive vice-presidents of the company, have said they do not wish to run it.