TORONTO, April 15, 2013 /PRNewswire/ - ShawCor Ltd. (TSX: SCL) announced today that its Socotherm division has completed the acquisition of the 49% interest in Socotherm LaBarge LLC that it did not previously own for an undisclosed sum.
Since 2008, Socotherm has been a partner in this successful joint venture in the global offshore deepwater insulation coating market. The venture has a strategically located facility in Channelview, Texas which provides anticorrosion and advanced insulation coatings for global offshore applications, including in the Gulf of Mexico and West African markets.
Mr. Bill Buckley, President and CEO of ShawCor Ltd. remarked, "The acquisition of 100% of Socotherm LaBarge represents an investment in the fastest growing and most technically complex segment of global pipeline activity and is part of our ongoing strategic growth plan".ShawCor Ltd. is an 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 eight divisions with over seventy manufacturing and service facilities located around the world. Forward Looking Information This document includes certain statements that reflect the Board's expectations and objectives for the Company's future performance, opportunities and growth, which statements constitute forward-looking information under applicable securities laws. Such statements, other than statements of historical fact, are predictive in nature or depend on future events or conditions. Forward-looking information involves known and unknown risks and uncertainties that could cause actual results to differ materially from those predicted by the forward-looking information. We caution readers not to place undue reliance on forward-looking information as a number of factors could cause actual events, results and prospects to differ materially from those expressed in or implied by the forward-looking information.