Mr. Mike Reeves reports

MATTR ANNOUNCES REGULATORY APPROVAL AND EXPECTED CLOSING DATE FOR PIPE COATING BUSINESS SALE

ShawCor Ltd., doing business as Mattr Infratech, has been issued Norwegian and Mexican antitrust approvals for the sale of the majority of its pipe coating business (Pipeline Performance Group or PPG) to Tenaris SA announced through the company's press release dated Aug. 14, 2023. Accordingly, all required regulatory approvals for the transaction have been obtained. The transaction is now expected to close in the next two weeks, subject to customary closing conditions. Upon closing, the company expects to receive the agreed-upon purchase price of $166-million (U.S.), or approximately $230-million at current exchange rates, on a cash-free, debt-free basis, subject to normal working capital adjustments. Consistent with previously shared estimates, the aggregate net cash proceeds to be received by the company in relation to this transaction are still expected to be modestly higher than the agreed purchase price.

"With the Mexican regulatory approval issued we now expect to close this important transaction within the coming weeks, enabling our Pipeline Performance Group business, and its thousands of extraordinary employees, to move forward into the next phase of their growth," said Mike Reeves, president and chief executive officer of Mattr. "Upon closing, Mattr's extensive portfolio transformation and its strategic review process will be materially completed, enabling an even greater focus of time, energy and capital into the accelerated profitable growth of our high-value composite and connection technologies segments."

About ShawCor Ltd.

ShawCor is a growth-oriented, global materials technology company broadly serving critical infrastructure markets, including electrification, transportation, communication, water management and energy. Its two business segments, composite technologies and connection technologies, operate a global network of manufacturing and technology centres, delivering differentiated, high-value products which enable responsible renewal and enhancement of critical infrastructure while lowering risk and environmental impact.

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