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Shawcor completes acquisition of ZCL Composites Inc.

Posted on April 02, 2019 1:08:19 PM
Shawcor completes acquisition of ZCL Composites Inc.
Shawcor completes acquisition of ZCL Composites Inc.

ZCL is North America’s largest manufacturer of environmentally friendly fiberglass reinforced plastic underground storage tanks for the fuel, water and wastewater and oil and gas markets. ZCL is an innovator in composite tank engineering, with nearly 40 years of direct industry experience. When ZCL acquired Xerxes Corporation in 2007, it brought together North America’s two leading fiberglass tank brands: ZCL (founded in 1987) and Xerxes (founded in 1979). ZCL’s product offering includes underground composite tanks and a full complement of accessories. ZCL’s six UL-listed or ULC-listed manufacturing facilities across North America ensure that it is able to supply its tanks throughout North America in a timely manner. ZCL’s tanks are made of 100% premium resin and glass (no fillers), making them corrosion-resistant, both inside and out. To date, ZCL has installed approximately a quarter of a million composite tanks.

"The acquisition of ZCL is compelling for Shawcor as it allows us to leverage our material science expertise to broaden our composite product and service offering. From a financial perspective, the acquisition will generate meaningful accretion to our shareholders without any dilution and add further stability to our earnings base” said Steve Orr, Shawcor’s CEO. “We are very much looking forward to welcoming ZCL’s employees to Shawcor and to working with them as we strive to address the challenges of our customers."

The acquisition of ZCL is a continuation of Shawcor’s strategy to broaden its product and service offering, and is an attractive opportunity from three perspectives:

Fit with Shawcor

  • ZCL’s business and Shawcor’s business are both supported by similar long-term fundamentals, including aging infrastructure, reserve depletion and increasing public and regulatory scrutiny.
  • The combination broadens Shawcor’s use of advanced composites technology and leverages its material science expertise to provide customers with superior systems for their conveyance and storage needs.
  • Provides an opportunity to leverage Shawcor’s operational strengths to restore ZCL’s margins.

Strengthens Shawcor

  • Gives Shawcor access to an expanded product portfolio and potential customer base and will increase addressable markets served.
  • Increases stability of Shawcor earnings and cash flow stream through a business that operates at arms-length to energy markets.

Enables Shawcor

  • Furthers evolution from a provider of discrete products and services to complete systems.
  • Creates opportunities to sell Shawcor’s products through ZCL’s well developed fuel distribution channels and ZCL’s products through Shawcor’s global oil and gas distribution channels.
  • Provides an established and credible entry point into the water and wastewater market.

 To learn more about ZCL's offerings, visit

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