TORONTO, Jan. 5, 2015 (GLOBE NEWSWIRE) -- ShawCor Ltd. (TSX:SCL) announced today that it has completed the acquisition of Dhatec B.V. ("Dhatec") for an undisclosed amount. Dhatec is a Netherlands based company which designs, assembles and markets engineered pipe logistics products and services which mitigate damage and enhance safety and efficiency in the manufacturing, coating, handling, transportation, preservation and storage of pipe. Dhatec's estimated revenue in 2014 is approximately US$25 million.
Mr. Steve Orr, President and CEO of ShawCor stated that: "The acquisition of Dhatec will complement our pipeline performance strategy of combining pipe coating products and services into innovative solutions that extend the life and increase the operating envelope of our customer's pipeline assets."
ShawCor Ltd. is a global energy services 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 nine divisions with over ninety manufacturing and service facilities located around the world.
This news release contains forward-looking information within the meaning of applicable securities laws. 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.