Toronto, Ontario -- Shawcor Ltd has bought the remaining 60 percent of Fineglade Ltd, a business which currently holds about 96 percent of the outstanding shares of Socotherm SpA.
Pipe coating contractor Socotherm, headquartered in Vicenza, Italy, was previously owned 40 percent by ShawCor Ltd and 60 percent by an entity controlled by Sophia Capital.
Socotherm primarily offers its pipe-coating services to the oil and gas industry.
The price for Sophia Capital's interest in Fineglade was about C$135 million ($136 million) formed by a cash payment of about C$77 million and the set-off of a pre-existing loan from ShawCor to Sophia Capital of about C$58 million.
Socotherm has active operations in Brazil, Argentina, Venezuela, the Gulf of Mexico and Italy.
Canadian energy services supplier ShawCor specialises in products/services for the pipeline, pipe services and the petrochemical and industrial segments of the oil and gas industry. The company's seven divisions have over seventy manufacturing and service facilities around the world.