The Town of Cochrane has spent $1 million to purchase Iroquois Falls' share of Northern Ontario Wires Inc., an electrical distribution company.
Prior to the transaction, Iroquois Falls had held a 33 per cent interest in the company, with Cochrane holding the remainder.
The company currently services 6,000 customers in the towns of Cochrane, Iroquois Falls and Kapuskasing. and maintains 27 kilometres of distribution line infrastructure.
Its directors include Cochrane Mayor Lawrence Martin, Iroquois Falls Mayor Gilles Forget and Kapuskasing Mayor Alan Spacek.
Funds for the transaction are being held in escrow until it is approved by the Ontario Energy Board.
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