ShawCor announces acquisition in Brazil

coatingShawCor Ltd. announced its Bredero Shaw division has completed the acquisition of the remaining 50% interest in Thermotite Brasil Ltda. and BS Servicios de Injeção that it did not previously own, subject to regulatory approvals in Brazil. The purchase price is USD 37.9 million. The joint venture has a strategically located facility which provides anticorrosion and advanced insulation coatings for offshore applications. Bredero Shaw anticipates that the demand for these products will increase as Brazil invests heavily in offshore oil and gas developments. Bredero Shaw provides specialized coating systems and related services for corrosion protection, insulation and weight coating applications on land and marine pipelines including highly engineered corrosion and insulation systems for deepwater applications.