(TSX: SCL.A, SCL.B)
TORONTO, June 6 /CNW/ - ShawCor Ltd. (TSX: SCL.A, SCL.B) today announced that it has completed the acquisition of X-Tek Industrial Limited from X-Tek Systems Limited in the United Kingdom. As a result of the acquisition, the company has been renamed Shaw Inspection Systems Limited.
Shaw Inspection Systems is a leader in the development of specialized, real time/digital non-destructive testing systems. The company's technologies provide particular benefits for inspection in the pipeline industry including the ability to inspect welds on clad pipe at the high inspection rates required when laying offshore pipelines. Shaw Inspection Systems expertise provides a complete range of x-ray equipment designed to meet specific customer requirements including both the hardware and specialized software needed to ensure the efficient operation of the inspection system. The company offers a range of innovative products developed specifically to eliminate the need to use x-ray film while speeding up inspection processes. Shaw Inspection Systems utilizes dedicated R&D capabilities to address extensive and diverse applications in a wide range of industries including aerospace, military, nuclear and pipeline. The company provides high value added to customers by developing and commercializing innovative x-ray technologies with lowest cost of ownership and full support.
ShawCor Ltd. is a growth-oriented, global energy services company that operates through six divisions which focus on technology-based products and services for the pipeline and pipe services and the petrochemical and industrial markets with over sixty 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" 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 current Annual Information Form, annual and quarterly reports and in other reports and filings made with securities regulatory authorities and available at www.sedar.com.