31 October 2011 16:57 [Source: ICIS news]
HOUSTON (ICIS)--US engineering firm Shaw may sell its energy and chemicals segment, the company said on Monday.
Shaw has already received interest from potential buyers, the company said, adding it will explore all options related to the business.
“We think it fits better with another business,” chief executive JM Bernhard said during Shaw’s fourth-quarter earnings conference call. “Others who have a greater breadth and depth of business in the chemical sector, as well as the international presence are better suited to manage that business.”
Chief financial officer Brian Ferraioli said they had previously tried to grow the business “organically and through [mergers and acquisitions],” but the opportunities did not create shareholder value.
Shaw’s energy and chemicals sector posted a loss of $48m (€34m) in earnings before interest, taxes, depreciation and amortisation (EBITDA).
Overall, the company lost $22.8m in EBITDA for the fourth quarter.
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