Shawcor Invests in Two New Composite Systems Facilities, Enhancing Production Capacity and Efficiency

TORONTO, April 26, 2023 (GLOBE NEWSWIRE) -- Shawcor Ltd. (“Shawcor” or the “Company”) (TSX: SCL) announced today that it will be expanding its Composite Systems segment production capabilities in the US, with commitments for two new operating facilities. Capital expenditures for these operating facilities are expected to represent, in the aggregate, approximately $60 million across 2023 and 2024. The 2023 portion of these organic growth investments form a part of the Company’s previously communicated capital expenditure guidance of $160-$180 million for the current year. These facilities will expand the Company’s capability to deliver premium spoolable composite pipe and market-leading underground fuel and water storage tanks, more specifically:

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