ShawCor Ltd. announced its Bredero Shaw division has completed the acquisition of the remaining 50 percent interest in Thermotite Brasil Ltda. and BS Servicios de Injeção that it did not previously own. The purchase price is $37.9 million. Since 2006, Bredero Shaw has been a partner in this joint venture in the offshore thermal insulation market in Brazil. The 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.
ShawCor Acquires Thermotite Brasil