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TORONTO — Shawcor Ltd. has signed a deal to sell a substantial part of its pipe coating division to Tenaris S.A. for about $220 million.
Chief executive Mike Reeves says that once complete, the transaction, combined with others and a few remaining non-material actions, will conclude its strategic review process.
Shawcor announced a plan last year to change its name to Mattr and launched a strategic review of its pipeline and oilfield asset management divisions.
The sale includes operations in Canada, the U.S., Mexico, Norway, the UAE and Indonesia, several mobile concrete coating plants, its joint-venture interest in Azerbaijan, research and development operations in Toronto and Norway and intellectual property.
The company says the deal does not include its pipeline performance group business in Malaysia, Italy, the United Kingdom and Brazil, that it remains committed to sell.
The transaction is subject to customary closing conditions, including regulatory approvals, which the company expects to take about six months to complete.
This report by The Canadian Press was first published Aug. 15, 2023.
Companies in this story: (TSX:MATR)
The Canadian Press
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