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Shawcor Preparing for Possible Sale of Company
Shawcor Ltd. (SCL/A), which provides coatings and other services to the pipeline industry, is considering selling itself with the support of its controlling shareholder.
Chairman Virginia Shaw told the board she is prepared to sell her shares as part of a sale of the company, the Toronto- based company said in a statement today. Shaw is the controlling shareholder through a holding company, Shawcor said.
The board has formed a committee to consider a sale and other alternatives, according to the statement. No buyers have been identified.
Shawcor has hired Credit Suisse Canada as a financial advisor. The statement was issued after the close of regular trading. Shawcor rose 0.5 percent to C$35.08 at the close in Toronto.
Shaw was elected board chairman in 2007, following the death of her father, Leslie Shaw.
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