McCoy Global Inc., a supplier of innovative products and services for the global energy industry, has announced that it has sold its Coatings and Hydraulics business, located in Edmonton, Alberta, for approximately C$ 9.3 million. The Coatings and Hydraulics business was placed into McCoy's discontinued operations during the fourth quarter of 2013.
Focusing on tubular products and services
"With the divestiture of the Coatings and Hydraulics division, McCoy has achieved the goal of becoming a pure play developer and provider of advanced tubular products and services, which is especially meaningful as we celebrate our 100th anniversary this year," said Jim Rakievich, President and CEO.
Under the terms of a share purchase agreement dated 15 September 2014, McCoy sold 100% of the issued and outstanding shares of its wholly-owned subsidiary, Inotec Coating and Hydraulics Inc., to Corrosion and Abrasion Solutions Ltd.
Adapted from press release by Cecilia Rehn