TORONTO, Nov. 26, 2015 (GLOBE NEWSWIRE) -- SHAWCOR LTD. (TSX:SCL) announced today that it has completed the acquisition of the assets of the Tubular Inspection and Management ("TIM") and Global Poly businesses operated by Flint Field Services Ltd. for C$35.5 million, subject to working capital adjustments. The TIM and Global Poly businesses operate from five owned and five leased facilities in Alberta, British Columbia and Saskatchewan and the TIM business is very similar to the tubular inspection and management business operated by Shawcor's Guardian division. The estimated revenue in 2015 of these acquired businesses is approximately C$46 million. The transaction is expected to be accretive to Shawcor's earnings per share within the next 12 months.
Mr. Steve Orr, President and CEO of Shawcor stated that: "We are very excited about the acquisition of these businesses. The acquisition of TIM will highly complement the operations of our Guardian business in Western Canada and advance our strategy in oilfield asset management. The acquisition of the Global Poly business, which manufactures and sells plastic and co-extruded liners for line pipe and down-hole applications, will allow our Flexpipe business to extend its current service offerings in Western Canada and advance our strategy in composite production systems."
Shawcor 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.