Shaw sell Energy & Chemicals business Technip $300 million

Shaw to sell Energy & Chemicals business to Technip for $300 million

5:17 AM, 22nd May 2012
Shaw to sell Energy & Chemicals business to Technip for $300 million

BATON ROUGE, US: The Shaw Group has entered into a definitive agreement to sell substantially all of its Energy & Chemicals business to Technip. Technip will acquire substantially all of the business of the Energy & Chemicals Group for approximately $300 million in cash consideration, subject to adjustment based on the Energy & Chemicals Group’s debt and working capital levels at closing.

Shaw will retain Energy & Chemicals Group personnel in its Baton Rouge office, which will be integrated into the company’s Plant Services division, as well as Shaw Consulting International, which will be incorporated into Shaw’s Environmental & Infrastructure Group. Shaw also will retain its Toronto-based operations and is reviewing options regarding future plans for this office. Additionally, Shaw will maintain its obligations under an engineering, procurement and construction contract associated with a large ethylene plant in southeast Asia that is now approximately 98 per cent complete.

“We believe this divestiture creates the greatest value for our shareholders, while allowing Shaw to pursue additional opportunities for growth in the primary industries we serve. Shaw will continue to focus our efforts on growing our leadership positions in our core business lines and ensuring excellence and consistency across all operations,” said J M Bernhard Jr, Chairman, President and CEO, Shaw.

© WOC News

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


Albemarle to manufacture GreenCrest in Orangeburg plant

BATON ROUGE, US: Albemarle Corporation will manufacture the latest addition to its Earthwise portfolio of eco friendly fire safety solutions at the co ...

Read more
Cytec to sell Coating Resins business

WOODLAND PARK, US: Cytec Industries has initiated a formal sale process for its Coating Resins business. Cytec targets to complete the transaction by ...

Read more
Tata Chemicals installs two new facilities in Mithapur plant

MITHAPUR, INDIA: Tata Chemicals (TCL) has successfully installed two new facilities- pump testing bed and bearing installation room. Both the faciliti ...

Read more
Excelerate Energy to develop floating liquefaction facility

THE WOODLANDS, US: Excelerate Energy is moving forward with the development of the first floating liquefaction facility in the United States utilizing ...

Read more
Air Liquide starts new air separation unit work in Russia

PARIS, FRANCE/TATARSTAN, RUSSIA: Air Liquide is pursuing its long-term development in Russia, and starting-up a new air separation unit that will prod ...

Read more
Vertichem acquires 100 per cent stake in Thesis Chemistry

TORONTO, CANADA: Vertichem Corporation acquires 100 per cent interest in Thesis Chemistry LLC, an Ohio, US headquartered company with operations in On ...

Read more
www.worldofchemicals.com uses cookies to ensure that we give you the best experience on our website. By using this site, you agree to our Privacy Policy and our Terms of Use. X