Shaw completes sale of Energy & Chemicals business to Technip

The Shaw Group Inc today completed its previously announced divestiture of substantially all of its Energy & Chemicals business to Technip, effective Aug. 31, 2012. Proceeds from the transaction were approximately $290 million in cash. The completion of this transaction also satisfies one of the conditions of the recently announced agreement for CB&I (NYSE: CBI) to acquire Shaw. The Shaw Group Inc. (NYSE:SHAW) is a leading global provider of engineering, construction, technology, fabrication, remediation and support services for clients in the energy, chemicals, environmental, infrastructure and emergency response industries. A Fortune 500 company with fiscal year 2011 annual revenues of $5.9 billion, Shaw has approximately 25,000 employees around the world and is a power sector industry leader according to Engineering News-Record’s list of Top 500 Design Firms.

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