Business
SHAWCOR TO COMPLETE SHARE CAPITAL INVESTMENT IN SOCOTHERM S.p.A.
SHAWCOR TO COMPLETE SHARE CAPITAL INVESTMENT IN SOCOTHERM S.p.A.
About this update from Mattr Corp
[{"type":"text","content":"\n\n\n\n Oct. 29, 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. 29 /CNW/ - ShawCor Ltd. (TSX: SCL.A, SCL.B) today announced that it has received notice that the Court of Vicenza, following the hearing held on October 15, 2010, has issued a decree of homologation that effectively approves the share capital investment in Socotherm S.p.A. ("Socotherm") that the Company had previously announced on May 18, 2010. Upon execution of the capital increase, to be completed within the next few days, ShawCor and its investment partners, operating through a newly established holding company Fineglade Limited, will acquire a 95% ownership interest in Socotherm. ShawCor will hold a 40% interest in Fineglade with a total investment not expected to exceed EURO 30 million and intends to record its investment on an equity accounting basis.\nHeadquartered in Vicenza, Italy, Socotherm S.p.A. is a global pipe-coating contractor primarily serving the oil and gas industry. Socotherm S.p.A. is a public company listed on the Italian Stock Exchange (SCTM.MI) with revenue of EURO 137 million during its most recent fiscal year ended December 31, 2009.\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.\n\nThis news release...