21 May 2012 22:18 [Source: ICIS news]
HOUSTON (ICIS)--US engineering firm Shaw has agreed to sell its energy and chemicals business to France-based Technip for $300m (€234m), Shaw said on Monday.
Additionally, Shaw will retain its Toronto-based operations.
Shaw will also complete its obligations under an engineering, procurement and construction contract associated with a large ethylene plant in southeast Asia that is approximately 98% complete, the company said.
The transaction is expected to be complete in Shaw’s fiscal fourth quarter.
“Shaw expects to recognise a net pre-tax gain of approximately $15m, or $10m after-tax, associated with the disposition of operations included in this transaction,” the company said. “The net gain also includes total charges of approximately $75m pre-tax, which includes potential restructuring related to the businesses being retained, retention of the ethylene contract, transaction costs and other miscellaneous items.”
Shaw announced in October 2011 that it was looking to sell its energy and chemicals business.
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