Business
11:25 am
Tue September 4, 2012

Shaw sells energy, chemicals unit

The Shaw Group Inc. has completed the $290 million sale of its Energy and Chemicals business to Technip.

The Energy and Chemicals sale, which was completed on Friday, also helps Baton Rouge-based Shaw meet one of the requirements for Shaw to eventually be acquired by CB&I -- having at least $800 million in cash.

Shaw and Technip announced their deal on May 21, and the sale of the Energy and Chemicals unit was expected to close by the end of August.

The company said the sale will give Shaw an adjusted cash balance of around $1.3 billion.

CB&I, of The Woodlands, Texas, with its parent company in the Netherlands, is buying Shaw, a major engineering, construction and fabrication company, for about $3 billion. That deal was announced in July.

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