Group Inc. today announced it has entered into a definitive agreement to sell
substantially all of its Energy & Chemicals business to Technip.
terms of the agreement, Technip will acquire substantially all of the business
of the Energy & Chemicals Group for approximately $300 million in cash
consideration, subject to adjustment based on the Energy & Chemicals
Group''s debt and working capital levels at closing.
retain Energy & Chemicals Group personnel in its Baton Rouge office, which
will be integrated into the company''s Plant Services Division, as well as Shaw
Consulting International Inc., which will be incorporated into Shaw''s
Environmental & Infrastructure Group. Shaw also will retain its
Toronto-based operations and is reviewing options regarding future plans for
this office. Additionally, Shaw will maintain its obligations under an
engineering, procurement and construction contract associated with a large ethylene
plant in southeast Asia that is now approximately 98 percent complete.
Technip also have agreed to work toward developing future business
relationships involving Shaw''s core business units.
believe this divestiture creates the greatest value for our shareholders, while
allowing Shaw to pursue additional opportunities for growth in the primary
industries we serve," said J.M. Bernhard Jr., Shaw''s chairman, president
and chief executive officer. "Shaw will continue to focus our efforts on
growing our leadership positions in our core business lines and ensuring
excellence and consistency across all operations."
Group is a provider of engineering, construction, technology, fabrication,
remediation and support services for clients in the energy, chemicals,
environmental, infrastructure and emergency response industries. A Fortune 500
company with fiscal year 2011 annual revenues of $5.9 billion, Shaw has
approximately 27,000 employees around the world.
it is a world leader in project management, engineering and construction for
the energy industry.