Mattr finalizes sale of its pipe coating business
by CM Staff
Mattr has received total proceeds of US$182.6 million, including estimated working capital and US$16.9 million in cash, for effective proceeds of US$165.7 million.
TORONTO — Shawcor Ltd., dba Mattr Infratech announced on Nov. 30 that it has completed the previously-announced sale of its pipe coating business to Tenaris S.A. The Company has received total proceeds of US$182.6 million, including estimated working capital and US$16.9 million in cash, for effective proceeds of US$165.7 million (or approximately CDN$225 million).
“With this important transaction closed, the Company’s portfolio transformation and strategic review process is now substantially complete. Mattr’s forward focus is now firmly centered upon accelerating high-value growth within our Composite and Connection Technologies’ segments, through both our existing capital program and via an even greater capacity to pursue accretive, strategic acquisitions,” said Mike Reeves, President and CEO of Mattr. “I’d like to thank the employees of the Pipeline Performance Group business for their many contributions to this organization over the last several decades and wish them the best in their transition.”
