BATON ROUGE, La., Jan 6, 2005 (BUSINESS WIRE) — The Shaw Group
Inc. (NYSE: SGR) today announced that it has sold substantially all of
the assets of its Shaw Power Technologies, Inc. and Shaw Power
Technologies International, Ltd. units to Siemens Power Transmission
and Distribution Inc., a unit of Siemens AG (NYSE: SI). The sale was
effective as of December 31, 2004.
J.M. Bernhard, Jr., Chairman and Chief Executive Officer of Shaw,
said, “We made a strategic decision earlier this year to divest
ourselves of relatively small, non-core business units so that we may
focus on business activities where we can generate the most value for
our shareholders. This sale is simply the execution of that business
strategy. In this transaction, we realized significant immediate value
for a non-core business unit. We will redeploy this capital into our
core businesses.”
The Shaw Group Inc. is a leading global provider of technology,
engineering, procurement, construction, maintenance, fabrication,
manufacturing, consulting, remediation, and facilities management
services for government and private sector clients in the power,
process, environmental, infrastructure and emergency response markets.
A Fortune 500 company with revenues over $3 billion, Shaw is
headquartered in Baton Rouge, Louisiana, and employs approximately
17,000 people at its offices and operations in North America, South
America, Europe, the Middle East and the Asia-Pacific region. For
further information, please visit the Company’s website at
www.shawgrp.com.
The Private Securities Litigation Reform Act of 1995 provides a
“safe harbor” for certain forward-looking statements. The statements
contained herein that are not historical facts (including without
limitation statements to the effect that the Company or its management
“believes,” “expects,” “anticipates,” “plans,” or other similar
expressions) and statements related to revenues, earnings, backlog, or
other financial information or results are forward-looking statements
based on the Company’s current expectations and beliefs concerning
future developments and their potential effects on the Company. There
can be no assurance that future developments affecting the Company
will be those anticipated by the Company. These forward-looking
statements involve significant risks and uncertainties (some of which
are beyond our control) and assumptions and are subject to change
based upon various factors. Should one or more of such risks or
uncertainties materialize, or should any of our assumptions prove
incorrect, actual results may vary in material respects from those
projected in the forward-looking statements. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise. A description of some of the risks and uncertainties that
could cause actual results to differ materially from such
forward-looking statements can be found in the Company’s reports and
registration statements filed with the Securities and Exchange
Commission, including its Form 10-K and Form 10-Q reports, and on the
Company’s website under the heading “Forward-Looking Statements”.
These documents are also available from the Securities and Exchange
Commission or from the Investor Relations department of Shaw. For more
information on the company and announcements it makes from time to
time on a regional basis visit our website at www.shawgrp.com.
SOURCE: The Shaw Group Inc.
CONTACT:
The Shaw Group Inc., Baton Rouge
Chris D. Sammons
225-932-2546
http://www.shawgrp.com