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SHAWCOR TO ACQUIRE ZCL COMPOSITES

Posted by Shawcor Ltd. | Oil and Gas Posts on January 23, 2019 1:03:00 PM

SHAWCOR TO ACQUIRE ZCL COMPOSITES
SHAWCOR TO ACQUIRE ZCL COMPOSITES

TORONTO, Jan. 20, 2019 (GLOBE NEWSWIRE) -- Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) announced today that it has entered into an arrangement agreement (the “Arrangement Agreement”) to acquire all of the issued and outstanding shares of ZCL Composites Inc. (“ZCL”) (TSX: ZCL) for $10.00 per share in cash by way of a statutory plan of arrangement (the “Arrangement”). The price per share implies an aggregate fully diluted equity value for ZCL of approximately $308 million. ZCL is North America’s largest manufacturer and supplier of environmentally friendly fibreglass reinforced plastic (“FRP”) underground storage tanks. ZCL has two plants in Canada, four in the US and one in The Netherlands. ZCL serves the Fuel, Water & Wastewater and Oil & Gas markets.

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