Shawcor Ltd., Toronto, Ontario, Canada, has reported that its subsidiary, Shaw Pipe Protection Limited, has entered into an agreement to acquire certain of the coating assets and business of Altus Energy Services Partnership, Altus Energy Services Ltd. and Nusco Northern Manufacturing Ltd. The coating business, formerly known as CSI, provides shop applied coatings at its modern 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. 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. 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.
The transaction will be effected by means of a court approved sale of assets under the Companies' Creditors Arrangement Act (CCAA) pursuant to a motion to the Court of Queen's Bench of Alberta, brought by Altus, for an Approval and Vesting Order that is scheduled to be heard on March 24, 2011. It is anticipated that, upon the receipt of final court approval and the satisfaction of other customary closing conditions, this transaction will be completed on April 6, 2011.
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