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TORONTO — Shawcor Ltd. has signed a deal to promote a considerable a part of its pipe coating division to Tenaris S.A. for about $220 million.
Chief government Mike Reeves says that when full, the transaction, mixed with others and some remaining non-material actions, will conclude its strategic evaluate course of.
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Shawcor introduced a plan final 12 months to alter its identify to Mattr and launched a strategic evaluate of its pipeline and oilfield asset administration divisions.
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The sale contains operations in Canada, the U.S., Mexico, Norway, the UAE and Indonesia, a number of cell concrete coating crops, its joint-venture curiosity in Azerbaijan, analysis and growth operations in Toronto and Norway and mental property.
The corporate says the deal doesn’t embody its pipeline efficiency group enterprise in Malaysia, Italy, the UK and Brazil, that it stays dedicated to promote.
The transaction is topic to customary closing circumstances, together with regulatory approvals, which the corporate expects to take about six months to finish.
