Mattr Corp. Completes Strategic Sale of Thermotite Subsidiary
Mattr Corp. Completes Strategic Sale of Thermotite
TORONTO — Mattr Corp. (TSX: MATR) has announced the closure of the transaction involving its subsidiary, Thermotite do Brazil. Selling this entity marks the conclusion of Mattr's pipe coating business. The acquisition was made by Vallourec Tubular Solutions Ltda., part of Vallourec S.A. (EPA:VK).
The sale generated proceeds of $17.5 million USD, translating to roughly $24 million CAD in today's market, and was executed on a cash-free, debt-free basis with customary working capital adjustments.
Strategic Growth and Future Focus
Mike Reeves, Mattr’s President and CEO, expressed confidence in the company's trajectory following this sale. He noted, "With our strategic review process now complete and new facilities operational, we are well-positioned to pursue focused growth opportunities in our core areas." Reeves also commended the efforts of the Thermotite team, acknowledging their vital contributions to the company’s success.
About Mattr Corp.
Mattr is a forward-thinking materials technology firm dedicated to servicing important infrastructure sectors such as transportation, communication, water management, and energy. The company operates through two main segments: Composite Technologies and Connection Technologies, both aimed at responsibly enhancing and maintaining critical infrastructure systems worldwide.
The divestiture of Thermotite allows Mattr to sharpen its focus on these segments, delivering high-return growth while maintaining its commitment to innovation and quality.
Get in Touch with Mattr Corp.
For further inquiries, interested parties can reach out to:
Meghan MacEachern
VP, Investor Relations & External Communications
Telephone: 437.341.1848
Email: meghan.maceachern@mattr.com
Website: www.mattr.com
Frequently Asked Questions
What does the sale of Thermotite mean for Mattr?
The sale allows Mattr to focus on its remaining core businesses and pursue strategic growth opportunities.
How much did Mattr receive from the Thermotite sale?
Mattr received $17.5 million USD, approximately $24 million CAD.
Who acquired Thermotite?
The subsidiary was acquired by Vallourec Tubular Solutions Ltda., part of Vallourec S.A.
What sectors does Mattr serve?
Mattr serves critical infrastructure markets, including transportation, communication, water management, and energy.
How can I contact Mattr Corp.?
Contact Meghan MacEachern at 437.341.1848 or via email at meghan.maceachern@mattr.com.
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