- Shawcor (SCL) reduces costs and emissions by streamlining its Calgary operations
- The exit will be completed during the third quarter of 2022 and will result in net savings of approximately $15 million
- Shawcor’s Calgary-based activities will be consolidated into its remaining 54 Avenue location
- The company will incur one-time restructuring costs of around $2 million
- Shawcor Ltd. is a global material sciences company serving the Infrastructure, Energy, and Transportation markets
- Shawcor Ltd. (SCL) is up just under 1.50 per cent, trading at C$6.25 at 12:40 pm ET
Shawcor (SCL) has secured an early exit from its leased facility, which housed its FlexFlow operations, in Calgary’s Oxford Airport Business Park.
The exit will be completed during the third quarter of 2022 and will result in net savings of approximately $15 million over the course of the next seven years.
Shawcor’s Calgary-based activities will be consolidated into its remaining 54Avenue location.
The company will incur one-time restructuring costs of around $2 million. The transaction will be reflected in its Q2 financial results.
CBRE Group, Inc. served as its real estate advisor in this transaction.
“This important transaction represents the next step in our strategic drive for greater operational efficiency, lower fixed costs and reduced energy consumption,” said Mike Reeves, Shawcor’s President and CEO.
“This move allows us to focus our resources on core product lines and provide meaningful cost savings for several years to come, added Reeves.
Shawcor Ltd. is a global material sciences company serving the Infrastructure, Energy, and Transportation markets.
It works by utilizing its network of fixed and mobile manufacturing and service facilities.
Its three business segments, Composite Systems, Automotive & Industrial and Pipeline & Pipe Services, enable responsible renewal and enhancement of critical infrastructure while lowering risk and environmental impact.
Shawcor Ltd. (SCL) is up just under 1.50 per cent, trading at C$6.25 at 12:40 pm ET.