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Mattr Corp. is selling its Brazilian pipe coating business Thermotite to Vallourec Tubular Solutions, Mattr announced Sep. 16. Vallourec will acquire 100% of the shares of Thermotite, with Mattr controlling and retaining all earnings from Thermotite until the transaction closes.
Mattr will receive gross sale proceeds of $17.5 million upon the closing of the agreement on a cash-free, debt-free basis, subject to normal working capital adjustments.
Thermotite, Mattr’s final remaining pipe coating business, provides thermal insulation pipe coating services to the offshore oil and gas industry.
In the announcement’s release, Mike Reeves, Mattr’s president and CEO, said the decision to sell Thermotite aligned with the company’s vision to “to simplify our portfolio, lower volatility and increase full-cycle margins,” and that it “further enhances Mattr’s ability to deliver focused, high-return growth in our remaining core businesses.”
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