Shawcor Finalizes Sale and Leaseback of Rexdale Facility

TORONTO, June 28, 2022 (GLOBE NEWSWIRE) -- Shawcor Ltd. (“Shawcor” or the “Company”) (TSX:SCL.TO) today announced it has finalized the sale and leaseback agreement for its Rexdale facility. Net proceeds for the transaction of approximately $49 million exceeded previously communicated expected proceeds and, concurrent with the sale of the facility, the Company has entered into a three-year leaseback agreement. This new arrangement facilitates operational continuity while the Company relocates to a modernized location in the Greater Toronto Area. Proceeds from the property sale will be used to reduce existing indebtedness.