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SHAWCOR ANNOUNCES ACQUISITION OF REMAINING 50% OF THERMOTITE BRASIL LTDA. AND BS SERVICIOS DE INJEÇÃO
SHAWCOR ANNOUNCES ACQUISITION OF REMAINING 50% OF THERMOTITE BRASIL LTDA. AND BS SERVICIOS DE INJ...
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[{"type":"text","content":"\n\n\n\n Oct. 5, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\nTORONTO, Oct. 5 /CNW/ - ShawCor Ltd. (TSX: SCL.A, SCL.B) today announced its Bredero Shaw division has completed the acquisition of the remaining 50% interest in Thermotite Brasil Ltda. and BS Servicios de Injeção that it did not previously own, subject to regulatory approvals in Brazil. The purchase price is US$37.9 million, to be paid in two installments, with the first amount of US$19.4 million due upon completion of the transaction and a second payment of US$18.5 million to be paid in 2013.\nSince 2006, Bredero Shaw has been a partner in this successful joint venture in the offshore thermal insulation market in Brazil. The venture has a strategically located facility which provides anticorrosion and advanced insulation coatings for offshore applications. Bredero Shaw anticipates that the demand for these products will increase as Brazil invests heavily in offshore oil and gas developments.\nShawCor 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.\nBredero Shaw, ShawCor's largest division, is the global leader in pipe coating solutions and employs approximately 4,000 permanent and contract personnel located at offices and facilities in fifteen coun...