ShawCor buying Houston firm in deal worth US$260M
Deal is expected to close in the third quarter.
TORONTO — ShawCor Ltd. plans to acquire Houston-based Desert NDT LLC in a deal valued at US$260 million.
The deal for Desert, which provides non-destructive testing services for new oil and gas gathering pipelines and infrastructure integrity management services, is expected to close in the third quarter subject to US regulatory approval.
Toronto-based ShawCor said the acquisition of Desert, which operates through 18 branches in US oil and gas basins, is expected to add to earnings within the first 12 months.
The US company would also be a vehicle to advance ShawCor’s strategy of providing management and data centric solutions for the production, processing and pipeline assets of its customers.
ShawCor Ltd. is an energy services company specializing in products and services for the pipeline and pipe services and the petrochemical and industrial segments of the oil and gas industry. It operates through eight divisions with more than 75 manufacturing and service facilities around the world.
© 2014 The Canadian Press