TORONTO, Dec. 22, 2023 (GLOBE NEWSWIRE) -- Shawcor Ltd., dba Mattr Infratech (“Mattr” or the “Company”) (TSX: MATR) announced today its Brazilian pipe coating facility has received a purchase order for the provision of thermal insulation coating for an offshore project in Brazil. The purchase order is valued over $50 million and will be executed from the Company’s Serra, Brazil facility in the first half of 2026.

“While it is unlikely we will own the Brazilian facility while this project is underway, this award demonstrates the facility’s strong reputation in the Brazilian market,” said Mike Reeves, Mattr’s President and CEO. “The facility will execute on its robust backlog in the coming quarters, while continuing to build on that backlog into 2026.”

About Mattr
Mattr 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 centers, delivering differentiated, high-value products which enable responsible renewal and enhancement of critical infrastructure while lowering risk and environmental impact.

For further information, please contact:

Meghan MacEachern
Director, External Communications & ESG
Telephone: 437.341.1848
Email: meghan.maceachern@mattr.com
Website: www.mattr.com

Forward Looking Information

This news release contains forward-looking information within the meaning of applicable securities laws. Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "predict", "estimate" or similar terminology are used to identify forward-looking information. This forward-looking information is based on assumptions, estimates and analysis made in the light of the Company's experience and its perception of trends, current conditions and expected developments, as well as other factors that are believed by the Company to be reasonable and relevant in the circumstances. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from those predicted, expressed or implied by the forward-looking information. The forward-looking information is provided as of the date of this news release and the Company does not assume any obligation to update or revise the forward-looking information to reflect new events or circumstances, except as required by law.

Source: Shawcor Ltd., dba Mattr Infratech