HOUSTON, June 2, 2020 /PRNewswire/ -- Today Ithaca Acquisitions Holdings announced the completed acquisition of the former pipe fabrication assets of The Shaw Group from McDermott International, Inc. Ithaca Acquisitions Holdings will rename itself Shaw Acquisitions Holdings and operate the business as Shaw. The acquisition reestablishes Shaw as a premier pipe fabricator with significant fabrication capacity and one of the largest portfolios of manufacturing facilities in the world.
Shaw's global footprint includes 2 million square feet of state-of-the-art fabrication facilities equipped with the latest manufacturing technology and production management systems to ensure project success. Shaw leverages its unique expertise, specialized equipment and advanced capabilities to engage customers that value safety and technical excellence.
"Shaw is the technological leader in fabricated piping systems and pipe and module fabrication services with a focus on safely providing great customer service and high-quality products," said Shaw Chief Executive Officer Mike Childers.
"We saw this as a great opportunity to partner with an experienced investor group to acquire the former Shaw Group pipe fabrication portfolio and bring these assets back to the market after being used for proprietary projects for the last several years," added Jim Stephenson, Chairman of Ithaca Acquisitions Holdings.
Established in 1987, Shaw has a long history of operating a successful pipe and module fabrication business with cutting-edge technologies and processes. Mike Childers, Chief Executive Officer and Sachin Singh, Chief Operating Officer will lead the company.
Shaw's operations include seven manufacturing facilities located in Walker, Louisiana; Lake Charles, Louisiana; El Dorado, Arkansas; Laurens, South Carolina; Clearfield, Utah; Abu Dhabi, UAE; and Askar, Bahrain.
Simmons Energy, a division of Piper Sandler & Co., served as exclusive financial advisor to Ithaca Acquisitions Holdings on the transaction.
Shaw is an industry leader of pipe and module fabrication, particularly specializing in induction bending. The company is recognized for having the resources to deliver complex modular solutions to mitigate risks and reduce overall cost of field construction. Shaw's facilities around the world are equipped with the latest manufacturing technology and production management systems to ensure project success for heavy industrial clients. Headquartered in Houston, Texas, Shaw employs approximately 700 people across its offices and operations in North America and the Middle East. For more information, please visit www.theshawgrp.com and follow us on LinkedIn and Facebook.
SOURCE The Shaw Group