Mr. Mike Reeves reports

MATTR FINALIZES PIPE COATING BUSINESS SALE

ShawCor Ltd., doing business as Mattr Infratech, has completed the previously announced sale of its pipe coating business (Pipeline Performance Group or PPG) to Tenaris SA. The company has received total proceeds of $182.6-million (U.S.), including estimated working capital and $16.9-million (U.S.) in cash, for effective proceeds of $165.7-million (U.S.) (or approximately $225-million).

"With this important transaction closed, the company's portfolio transformation and strategic review process is now substantially complete. Mattr's forward focus is now firmly centred upon accelerating high-value growth within our composite and connection technologies' segments, through both our existing capital program and via an even greater capacity to pursue accretive, strategic acquisitions," said Mike Reeves, president and chief executive officer of Mattr. "I'd like to thank the employees of the Pipeline Performance Group business for their many contributions to this organization over the last several decades and wish them the best in their transition."

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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