ShawCor Announces Acquisition of Fineglade Limited
TORONTO, October 24, 2012 /PRNewswire/ --
(TSX: SCL.A, SCL.B)
SHAWCOR LTD. (TSX: SCL.A, SCL.B) today announced the acquisition of the remaining 60% of Fineglade Limited. Fineglade Limited, which currently holds approximately 96% of the outstanding shares of Socotherm S.p.A, was previously owned 40% by ShawCor Ltd. and 60% by an entity controlled by Sophia Capital.
The purchase price to acquire Sophia Capital's interest in Fineglade was approximately C$135 million and was satisfied by a cash payment of approximately C$77 million and the set-off of a pre-existing loan from ShawCor to Sophia Capital in the amount of approximately C$58 million.
Socotherm S.p.A., headquartered in Italy, is an international pipe coating contractor primarily serving the oil and gas industry from active operations in Brazil, Argentina, Venezuela, the Gulf of Mexico and Italy.
ShawCor Ltd. is an energy services company specializing in products and services for the pipeline and pipe services and the petrochemical and industrial segments of the oil and gas industry. The company operates through seven divisions with over seventy manufacturing and service facilities located around the world.
For further information:
SOURCE ShawCor Ltd.