(TSX: SCL.A, SCL.B)
TORONTO, March 18 /PRNewswire-FirstCall/ - SHAWCOR LTD. (TSX: SCL.A, SCL.B) today announced that its subsidiary, Shaw Pipe Protection Limited, has entered into an agreement to acquire certain of the coating assets and business of Altus Energy Services Partnership, Altus Energy Services Ltd. and Nusco Northern Manufacturing Ltd. (collectively "Altus"). The coating business, formerly known as CSI, provides shop applied coatings at its modern facility in Nisku, Alberta and provides field coating services throughout Western Canada.
CSI specializes in the internal and external coating of bends, fittings, elbows and short spools of pipe including the internal corrosion coating of long straight lengths of pipe. The acquisition of the CSI assets will allow Shaw Pipe Protection to supply a broad range of internal and external custom coating solutions that are complementary to its current range of anticorrosion, flow efficiency and insulation coatings for oil and gas gathering and transmission lines. This acquisition will also allow Shaw Pipe Protection to provide a full range of custom coating solutions for the oil sands and for pipeline rehabilitation applications.
The transaction will be effected by means of a court approved sale of assets under the Companies' Creditors Arrangement Act (CCAA) pursuant to a motion to the Court of Queen's Bench of Alberta, brought by Altus, for an Approval and Vesting Order that is scheduled to be heard on March 24, 2011. It is anticipated that, upon the receipt of final court approval and the satisfaction of other customary closing conditions, this transaction will be completed on April 6, 2011.
ShawCor Ltd. is an energy service 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.
This news release contains forward-looking information within the meaning of applicable securities laws. Words such as "may", "will", "should", anticipate", "plan", "expect", "believe", "predict", "estimate" or similar terminology are used to identify forward-looking information. This forward-looking information is based on assumptions, estimates and analysis made in the light of the company's experience and its perception of trends, current conditions and expected developments, as well as other factors that are believed by the company to be reasonable and relevant in the circumstances. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from those predicted, expressed or implied by the forward-looking information. The risks and uncertainties include, among other things, changes in global economic activity and changes in energy supply and demand which impact on the level of drilling activity and pipeline construction; political, economic and other risks arising from international operations; compliance with environmental, trade and other laws; liability claims; fluctuations in foreign exchange rates and fluctuations in raw material prices, as well as other risks and uncertainties that are more fully described in the ShawCor Annual Information Form, annual and quarterly reports and in other reports and filings made with securities regulatory authorities and available at www.sedar.com.
SOURCE ShawCor Ltd.