Shawcor Ltd. closed the CA$35.5 million acquisition of the assets of Tubular Inspection and Management (TIM) and Global Poly businesses, the company said Nov. 26. TIM and Global Poly are operated by Flint Field Services Ltd. and operate from five owned and five leased facilities in Alberta, British Columbia and Saskatchewan.
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 about CA$46 million, Shawcor said, noting it will be accretive to Shawcor's earnings per share within the next year.
Steve Orr, Shawcor’s president and CEO, said Global Poly manufactures and sells plastic and co-extruded liners for line pipe and downhole applications. Shawcor’s Flexpipe business could extend its Western Canadian service offerings and bolster its composite production systems strategy through the acquisition, he added.
Toronto-based Shawcor provides products and services for the pipeline, pipe services and petrochemical segments of the oil and natural gas industry.
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