TORONTO, Dec. 20, 2021 (GLOBE NEWSWIRE) — Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) today announced that it has sold its Shawcor Inspection Services (“SIS”) business to Superior Integrity Inc (“Superior”) for approximately C$11.5 million. The SIS business, reported within the Company’s Pipeline and Pipe Services segment, offers non-destructive testing services and related technologies to the US onshore pipeline market. It generated revenue of approximately C$38.4 million with a loss of C$3.3 million on an adjusted EBITDA basis in the twelve months ending September 30, 2021. Proceeds from the sale will be used to reduce the Company’s existing indebtedness.
“This sale further demonstrates Shawcor’s strategic commitment to an optimized business portfolio, prioritizing the development and delivery of differentiated, high value, materials-based solutions in support of industrial and critical infrastructure end markets,” said Mike Reeves, President and CEO of Shawcor. “I would like to express my gratitude to the employees of SIS for their many contributions to Shawcor and wish them great success under the ownership of Superior.”
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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Source: Shawcor Ltd.