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March 1, 1999 9:24 AM, EST

The Canam Manac Group of Boucherville, Quebec, has agreed to sell its truck trailer manufacturing division to Great Dane L.P. of Chicago for $87.5 million.

The deal includes trailer production facilities in St. Georges, Quebec, and Orangeville, Ontario, and service centers in Boucherville and Mississauga, Ontario.

Canam Manac will hold a minority interest in a new Canadian partnership with Great Dane. The joint venture will continue to manufacture semitrailers with existing management and employees.

Marcel Dutil, chairman of Canam Manac Group, said the transaction is in the best interests of Manac employees, customers and suppliers as well as Canam Manac’s shareholders.

Canam Manac is primarily a manufacturer of steel joists and construction components. It also operates a network of steel fabrication shops in Canada and the United States. Trailer sales were C$229.6 million out of total sales of just over C$1 billion in 1998.