TORONTO, March 01, 2023 (GLOBE NEWSWIRE) — Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) announced that it has acquired the assets of Triton Stormwater Solutions, a privately owned provider of highly engineered, lightweight, composite materials-based underground infiltration chamber products, used primarily within stormwater management solutions. The product line will be consolidated into Shawcor’s Xerxes® business unit, which is reported as part of the Composite Systems segment.
“The acquisition of Triton Stormwater Solutions’ technology portfolio allows Shawcor to further expand our ability to offer a complete, composite materials based, stormwater management solution,” said Martin Perez, President of Shawcor’s Composite Systems segment. “This important addition is tightly aligned with our existing Xerxes tank business and its Hydrochain™ product line, and will serve to both optimize production efficiencies and unlock additional opportunities to serve our stormwater customers in North America, Europe and Asia-Pacific.”
Joe Miskovich, who founded Triton Stormwater Solutions in 2004, added, “We have been working together with Shawcor for the past two years to deliver robust and efficient solutions to manage stormwater from increased rainfall events and reduce flood risks. We are excited to take the next step to combine Triton Stormwater Solutions’ technologies with Shawcor’s ability to scale.”
Triton Stormwater Solutions provides customers with world-class stormwater products, customer service and manufacturing processes. In 2022, Triton Stormwater Solutions generated approximately US$8 million in revenue.
Shawcor Ltd. is a growth-oriented, global material sciences company serving the Infrastructure, Energy, and Transportation markets. The Company operates through a network of fixed and mobile manufacturing and service facilities. Its three business segments, Composite Systems, Automotive & Industrial and Pipeline & Pipe Services enable responsible renewal and enhancement of critical infrastructure while lowering risk and environmental impact.
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Disclaimers and Forward Looking Information
Financial information related to Triton Stormwater Solutions may differ from the International Financial Reporting Standards (“IFRS”) used to prepare Shawcor’s consolidated financial statements. As a result, the revenue information for Triton Stormwater Solutions presented for the twelve-month period ended December 31, 2022 may not be comparable to Shawcor’s revenue information presented in accordance with IFRS, and Shawcor has not adjusted such revenue information to reflect IFRS. All historical financial information with respect to the operations of Triton Stormwater Solutions has been provided to Shawcor by Triton Stormwater Solutions, and Shawcor does not assume any responsibility or liability for the verification, accuracy or completeness of such information.
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” or similar terminology are used to identify forward-looking information. This forward-looking information is based on assumptions, estimates and analysis made in the 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 forward-looking information is provided as of the date of this news release and the Company does not assume any obligation to update or revise the forward-looking information to reflect new events or circumstances, except as required by law.
Source: Shawcor Ltd.