Shawcor Ltd. has announced that it has acquired the units of Lake Superior Consulting, LLC (Lake Superior) for an undisclosed sum plus a potential earn out payment payable in 2016. Lake Superior is a Duluth, Minnesota based professional services firm, specialising in pipeline engineering and integrity management services to major pipeline operators.
Facts about the firm
The Lake Superior business operates from facilities in Minnesota, Texas, Nebraska, Kansas and North Dakota (USA), provides pipeline design, engineering, inspection and commissioning as well as integrity management services, and has estimated 2015 revenue of approximately US$45 million. The transaction is expected to be accretive to Shawcor’s earnings per share within the next 12 months.
Mr. Steve Orr, President and CEO of Shawcor stated that:
“The acquisition of Lake Superior represents an important step for Shawcor and our integrity management business theme as it adds two new capabilities to the Company – pipeline engineering and integrity engineering. These capabilities, critical to our customers' success, provide Shawcor the access to the domain knowledge we need to continually improve our current portfolio of services and to develop value-added solutions. Lake Superior’s highly regarded professional team of over 300 engineers, technicians and specialists bring decades of pipeline engineering and operational expertise to Shawcor.”
Edited from source by Stephanie Roker
Read the article online at: https://www.worldpipelines.com/business-news/06012016/shawcors-new-purchase/