Shawcor Reduces Costs and Emissions by Streamlining Calgary Operations

May 19, 2022

TORONTO, May 19, 2022 (GLOBE NEWSWIRE) -- Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) announced today that it has secured an early exit from its leased facility, which formerly housed the Company’s FlexFlow operations, in Calgary’s Oxford Airport Business Park. This exit will be completed during the third quarter of 2022 and will result in net savings of approximately $15 million over the course of the next seven years. The Company’s Calgary-based activities will be consolidated into its remaining 54^th Avenue location. The Company will incur one-time restructuring costs of approximately $2 million to execute this transaction, which will be reflected in the second quarter financial results. CBRE Group, Inc. served as the Company’s real estate advisor in this transaction.

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