11:56 AM EST - Stella-Jones Inc. : announced the signing of a non-binding letter of intent to acquire Tangent Rail Corp. The company stated that this acquisition will expand its capabilities within the U.S. railway tie industry and provide it with creosote manufacturing operations. Tangent's sales for the year ended December 31, 2009 are expected to reach about $175 million U.S.. The transaction is expected to close before the end of the first quarter of 2010 and is subject to antitrust clearance in the United States, as well as customary closing conditions. Stella-Jones Inc.
shares T.SJ are trading up $0.37 at $22.75.
