Toronto, Ontario -- Shawcor Ltd said 18 March that its subsidiary, Shaw Pipe Protection Ltd, is to acquire the coating assets and business of Altus Energy Services Partnership, Altus Energy Services Ltd and Nusco Northern Manufacturing Ltd (collectively "Altus").
The coating business, formerly known as CSI, provides shop-applied coatings at its modern facility in Nisku, Alberta and offers field-coating services throughout Western Canada, said Shawcor.
CSI specialises in internal and external coating of bends, fittings, elbows and short spools of pipe including the internal corrosion coating of long straight lengths of pipe.
According to a statement by pipeline specialist Shawcor, this acquisition 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."
It 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 carried out via a court-approved sale of assets under the Companies' Creditors Arrangement Act (CCAA).
Shawcor expects that, after court approval and the satisfaction of other customary closing conditions, the transaction will be completed on 6 April 2011.
"
