SHAWCOR’s subsidiary, Shaw Pipe Protection has signed an acquisition deal to purchase the coating business and assets of Altus Energy Services Partnership, Nusco Northern Manufacturing and Altus Energy Services, collectively known as Altus.
Altus’ coating business or CSI offers custom coatings at its state-of-the-art facility located in Nisku, Alberta and offers field coating services across the Western Canadian region. CSI is a specialist in the exterior and interior coating of short spools, elbows, fittings and bends of pipe such as the interior corrosion coating of long straight pipe.
The acquisition will enable Shaw Pipe Protection to deliver a wide range of exterior and interior custom coating products along with its existing range of insulation, flow effective, anticorrosive and insulation coatings for gas and oil transporting and collecting pipelines. The company will also supply an extensive range of tailored coating solutions for pipeline renovation applications and for oil sands.
The Court of Queen's Bench of Alberta will approve the sale of assets on March 24, 2011 under the Companies' Creditors Arrangement Act (CCAA). Once the final court approval is received and other customary closing criteria are satisfied, the deal will be finalized on April 6, 2011.