(TSX: SCL.A, SCL.B)
TORONTO, Jan. 17 /CNW/ - SHAWCOR LTD. (TSX: SCL.A, SCL.B) today announced that its subsidiary, Shaw Pipe Protection Ltd. will invest $11 million to construct a new pipe coating facility in Camrose, Alberta to provide technologically advanced internal pipe coatings and insulation systems for the Western Canadian Sedimentary Basin (WCSB).
The new coating facility, scheduled to be completed in the third quarter of 2008, will provide advanced SureFlo(R) internal flow efficiency, anticorrosion and abrasion resistant pipe coatings for the Oil Sands region and other pipeline markets. The SureFlo(R) product line will be expanded in 2008 to include internal anticorrosion and abrasion resistant coatings and this new facility is a key component of this expansion strategy. In addition, the new facility will manufacture Insul-8(R) AG, a new high temperature pipe insulation system for above ground pipelines.
Shaw Pipe is the leading provider of external and internal coatings to the WCSB. The company operates a network of six advanced pipe coating facilities with an extensive track record of providing North America customers with the highest levels of quality, service, capacity and safety. This expansion will provide the capability to process the new SureFlo(R) and Insul-8(R) products developed by the company.
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 six divisions with over sixty manufacturing and service facilities located around the world. Shaw Pipe Protection Ltd. is a wholly owned unit of Bredero Shaw, ShawCor's largest division. Bredero Shaw is the global leader in pipe coating solutions and employs approximately 4,000 permanent and contract personnel located at offices and facilities in fifteen countries. The division provides specialized coating systems and related services for corrosion protection, insulation and weight coating applications on land and marine pipelines including highly engineered corrosion and insulation systems for deepwater applications.
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", and similar terminology are used to identify forward-looking information. This forward looking information is based on assumptions, estimates, and analysis made in 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 company's Annual Information Form, annual and quarterly reports and in other reports and filings made with securities regulatory authorities and available at www.sedar.com.
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