Jennifer Dowty talks to Wajax chief executive officer Iggy Domagalski
A double-digit price return and a high dividend yield: It’s an attractive combination that shareholders of Wajax Corp. have enjoyed this year.
The Globe and Mail recently spoke with president and chief executive officer Iggy Domagalski, who highlighted multiple opportunities that he believes will support continued growth for the company.Generally, if we think about markets that we serve, all are pretty strong. The only one that’s a little bit weaker is forestry.
Because of that, we’ve had a lot of growth in that business. We continue to build our industrial parts and our engineered repair services business – a resilient business that does well in most cycles. Plus, we’re tacking on acquisitions in that area.We will have better access to inventory and parts – that’s a big one. Also, Hitachi now has its own financing program so that’s a benefit to us.Exactly.
Hitachi is continuing to develop their mining trucks. It’s something that they sell in other parts of the world, but not too much here. It’s an exciting opportunity that we think could, a few years down the road, really be something significant for us.The priority today is construction excavators and wheel loaders. For me, and I think for Hitachi, too, we really like to focus on a few things and do them really well. Once we’ve done that, we can continue to expand.
Yes. Our plan is small and mid-size companies in the industrial parts and engineered repair services space. We think those companies are lower risk for us. They’re easier to integrate, and we think there are great opportunities for both revenue and cost synergies with those companies. And we think they’re available at a fair price.
You characterize yourself as a goal guy. Before Wajax acquired Tundra Process Solutions Ltd., you were the CEO at Tundra. While there, you encouraged staff to write down and post on the wall five goals. Do you still do this personally? And if so, what five goals are posted on your wall?We’re in a publicly traded company, so I have a one-year financial target. All of our management team would share this same goal.
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