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ShawCor to Buy Altus Coating Business

Monday, March 21, 2011

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Shaw Pipe Protection Limited, a subsidiary of ShawCor. Ltd., has agreed to buy the coating assets and business of Altus Energy Services Partnership, Altus Energy Services Ltd. and Nusco Northern Manufacturing Ltd. (collectively, "Altus").

The coating business, formerly known as CSI, provides shop-applied coatings at its facility in Nisku, Alberta, and provides field coating services throughout Western Canada.

CSI specializes in the internal and external coating of bends, fittings, elbows and short spools of pipe, including the internal corrosion coating of long straight lengths of pipe.

Complements Current Line

“The acquisition of the CSI assets will allow Shaw Pipe Protection to supply a broad range of internal and external custom coating solutions that are complementary to its current range of anticorrosion, flow efficiency and insulation coatings for oil and gas gathering and transmission lines,” ShawCor said in prepared statement.

“This acquisition will also allow Shaw Pipe Protection to provide a full range of custom coating solutions for the oil sands and for pipeline rehabilitation applications.

Shaw Pipe Protection Limited

Shaw Pipe

The acquisition will also allow Shaw Pipe Protection
to provide a full range of custom coating solutions
for the oil sands and for pipeline rehabilitation
applications, the company said.

Altus is seeking an Approval and Vesting Order before the Court of Queen’s Bench of Alberta. A motion on the order is scheduled for March 24. Assuming court approval and the satisfaction of other customary closing conditions, the transaction should be completed April 6.

ShawCor Ltd. is an energy service company specializing in products and services for the pipeline and pipe services and the petrochemical and industrial segments of the oil and gas industry. The company operates through seven divisions with more than 70 manufacturing and service facilities worldwide.

   

Tagged categories: Acquisitions; Coatings manufacturers; Mergers; Pipeline; Pipelines; ShawCor

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