ShawCor expands its coating business

Article Excerpt

SHAWCOR LTD. $35 (Toronto symbol SCL.A; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 70.6 million; Market cap: $2.5 billion; Price-to-sales ratio: 2.4; Dividend yield: 0.9%; TSINetwork Rating: Average; www.shawcor.com) is buying the pipeline-coating operations of privately held Altus Energy Services. The company did not reveal the price. This Nisku, Alberta-based business coats the inside and outside of pipelines to prevent rust. The company specializes in coating bends, fittings and elbows. The Altus operations will let ShawCor sell a wider range of coating services to western Canadian natural-gas and oil pipeline operators. ShawCor is a buy. buy…