Mattr Signs Definitive Agreement to Sell Its Brazilian Pipe Coating Business to Vallourec For US$17.5M
Mattr Corp. (TSX: MATR) has announced a definitive agreement to sell its Brazilian pipe coating subsidiary, Thermotite do Brazil, to Vallourec Tubular Solutions for US$17.5 million (approximately CAD$24 million). This transaction marks the final divestment of Mattr's pipe coating business, aligning with the company's strategy to simplify its portfolio and focus on high-return growth in core businesses.
The deal, subject to regulatory approvals, is expected to close within the standard review time. Mattr will retain control and earnings from Thermotite until closing. CEO Mike Reeves stated that this transaction concludes their strategic review process and enhances Mattr's ability to deliver focused growth in remaining core businesses. Thermotite will be reported as an asset held for sale effective September 2024.
Mattr Corp. (TSX: MATR) ha annunciato un accordo definitivo per la vendita della sua filiale brasiliana per il rivestimento di tubi, Thermotite do Brazil, a Vallourec Tubular Solutions per 17,5 milioni di dollari USA (circa 24 milioni di dollari canadesi). Questa transazione segna il definitivo disinvestimento delle attività di rivestimento di tubi di Mattr, allineandosi con la strategia dell'azienda di semplificare il proprio portafoglio e concentrarsi su una crescita ad alto rendimento nei settori core.
L'accordo, soggetto ad approvazioni regolatorie, si prevede che si chiuda entro il tempo standard di revisione. Mattr mantiene il controllo e i guadagni da Thermotite fino alla chiusura. Il CEO Mike Reeves ha dichiarato che questa transazione conclude il loro processo di revisione strategica e migliora la capacità di Mattr di garantire una crescita focalizzata nelle restanti attività core. Thermotite sarà riportata come un attivo destinato alla vendita a partire da settembre 2024.
Mattr Corp. (TSX: MATR) ha anunciado un acuerdo definitivo para vender su filial brasileña de recubrimiento de tuberías, Thermotite do Brazil, a Vallourec Tubular Solutions por 17.5 millones de dólares estadounidenses (aproximadamente 24 millones de dólares canadienses). Esta transacción marca el divestimiento final del negocio de recubrimiento de tuberías de Mattr, alineándose con la estrategia de la empresa de simplificar su cartera y enfocarse en un crecimiento de alto rendimiento en los negocios centrales.
El acuerdo, sujeto a aprobaciones regulatorias, se espera que se cierre dentro del tiempo estándar de revisión. Mattr retendrá el control y las ganancias de Thermotite hasta el cierre. El CEO Mike Reeves declaró que esta transacción concluye su proceso de revisión estratégica y mejora la capacidad de Mattr para entregar un crecimiento enfocado en los negocios centrales restantes. Thermotite será reportada como un activo mantenido para la venta a partir de septiembre de 2024.
Mattr Corp. (TSX: MATR)는 브라질 파이프 코팅 자회사인 Thermotite do Brazil을 Vallourec Tubular Solutions에 1750만 달러에 판매하기 위한 최종 계약을 체결했다고 발표했습니다 (약 2400만 캐나다 달러). 이번 거래는 Mattr의 파이프 코팅 사업 최종 divestment를 의미하며, 회사의 포트폴리오 단순화 및 고수익 성장에 집중하는 전략과 일치합니다.
이번 계약은 규제 승인을 조건으로 하며, 표준 검토 기간 내에 종료될 것으로 예상됩니다. Mattr는 종료될 때까지 Thermotite의 통제권과 수익을 유지합니다. CEO Mike Reeves는 이번 거래가 그들의 전략적 검토 프로세스를 마무리하고 Mattr가 남은 핵심 사업에서 성장에 집중할 수 있는 능력을 향상시킨다고 밝혔습니다. Thermotite는 2024년 9월부터 판매용 자산으로 보고될 것입니다.
Mattr Corp. (TSX: MATR) a annoncé un accord définitif pour vendre sa filiale brésilienne de revêtement de tubes, Thermotite do Brazil, à Vallourec Tubular Solutions pour 17,5 millions de dollars US (environ 24 millions de dollars canadiens). Cette transaction marque le démantèlement final de l'activité de revêtement de tubes de Mattr, en accord avec la stratégie de l'entreprise de simplifier son portefeuille et de se concentrer sur une croissance à fort rendement dans ses activités principales.
L'accord, soumis à des approbations réglementaires, devrait être finalisé dans les délais d'examen standards. Mattr conservera le contrôle et les gains de Thermotite jusqu'à la clôture. Le PDG Mike Reeves a déclaré que cette transaction conclut leur processus d'examen stratégique et améliore la capacité de Mattr à générer une croissance ciblée dans les activités principales restantes. Thermotite sera considérée comme un actif détenu à vendre à compter de septembre 2024.
Mattr Corp. (TSX: MATR) hat eine dauerhafte Vereinbarung zur Veräußerung ihrer brasilianischen Rohrenbeschichtungs-Tochtergesellschaft, Thermotite do Brazil, an Vallourec Tubular Solutions zum Preis von 17,5 Millionen US-Dollar (etwa 24 Millionen CAD) bekannt gegeben. Diese Transaktion markiert die abschließende Veräußerung von Matts Rohrenbeschichtungs-Geschäft und steht im Einklang mit der Strategie des Unternehmens, sein Portfolio zu vereinfachen und sich auf wachstumsstarke Kernsegmente zu konzentrieren.
Die Vereinbarung, die noch der Genehmigung durch die Regulierungsbehörden bedarf, wird voraussichtlich innerhalb des üblichen Prüfungszeitraums abgeschlossen. Mattr wird die Kontrolle und Erträge von Thermotite bis zum Abschluss behalten. CEO Mike Reeves erklärte, dass diese Transaktion den Abschluss ihres strategischen Prüfungsprozesses darstellt und Matts Fähigkeit verbessert, fokussiertes Wachstum in den verbleibenden Kernbereichen zu liefern. Thermotite wird ab September 2024 als zum Verkauf gehaltenes Vermögen ausgewiesen.
- Sale of Thermotite do Brazil for US$17.5 million, strengthening Mattr's financial position
- Completion of strategic review process, simplifying the company's portfolio
- Focus on high-return growth in core businesses
- Retention of control and earnings from Thermotite until transaction closure
- Divestment of final pipe coating business, potentially reducing revenue streams
- Potential loss of market presence in the Brazilian offshore oil and gas industry
TORONTO, Sept. 16, 2024 (GLOBE NEWSWIRE) -- Mattr Corp. (“Mattr” or the “Company”) (TSX: MATR) announced today that it has entered into a definitive agreement to sell its subsidiary, Thermotite do Brazil (“Thermotite”), to Vallourec Tubular Solutions, a subsidiary of Vallourec S.A. (“Vallourec”) (EPA:VK). Thermotite provides thermal insulation pipe coating services to the offshore oil and gas industry from its plant in Serra, Brazil and is the Company’s final remaining pipe coating business.
The transaction, under which Vallourec will acquire
“Once complete, the transaction announced today concludes our strategic review process,” said Mike Reeves, Mattr’s President and CEO. “Aligned with the Company’s actions over the last three years to simplify our portfolio, lower volatility and increase full-cycle margins, this announcement - and the proceeds ultimately expected from this transaction - further enhances Mattr’s ability to deliver focused, high-return growth in our remaining core businesses. While it will take several months to complete the pending transaction, I would like to take this opportunity to thank every member of the Thermotite team for their many contributions to the history and success of our organization.”
Thermotite’s financial performance is currently reported under the Company’s Financial, Corporate & Other segment. Effective September 2024, the Thermotite business will be reported as an asset held for sale.
About Mattr
Mattr is a growth-oriented, global materials technology company broadly serving critical infrastructure markets, including transportation, communication, water management, energy and electrification. The Company operates through a network of fixed manufacturing facilities. Its two business segments, Composite Technologies and Connection Technologies, enable responsible renewal and enhancement of critical infrastructure while lowering risk.
For further information, please contact
Meghan MacEachern
VP, External Communications & ESG
Telephone: 437.341.1848
Email: meghan.maceachern@mattr.com
Website: www.mattr.com
Source: Mattr Corp.
FAQ
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