Mattr Finalizes Thermotite Sale

Mattr Corp. (TSX: MATR) has completed the sale of its subsidiary Thermotite do Brazil to Vallourec Tubular Solutions Ltda. for $17.5 million USD (approximately $24 million CAD).

Rhea-AI Summary

Mattr Corp. (TSX: MATR) has completed the sale of its subsidiary Thermotite do Brazil to Vallourec Tubular Solutions Ltda. for $17.5 million USD (approximately $24 million CAD). This transaction marks the divestiture of Mattr's final remaining pipe coating business, aligning with the company's strategic review process. The sale was executed on a cash-free, debt-free basis, subject to normal working capital adjustments. Mattr, a materials technology company, now focuses on two core segments: Composite Technologies and Connection Technologies, serving critical infrastructure markets including transportation, communication, water management, energy and electrification.

Positive

• Sale of Thermotite generates $17.5M USD ($24M CAD) in proceeds
• Strategic realignment completed to focus on core high-return growth businesses
• New facilities are operational and ready for focused growth

Negative

• Complete exit from pipe coating business segment, reducing revenue diversity

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TORONTO, June 05, 2025 (GLOBE NEWSWIRE) -- Mattr Corp. (“Mattr” or the “Company”) (TSX: MATR) announced today that it has completed the sale of its subsidiary, Thermotite do Brazil (“Thermotite”), the Company’s final remaining pipe coating business, to Vallourec Tubular Solutions Ltda., a subsidiary of Vallourec S.A. (“Vallourec”) (EPA:VK). The Company has received proceeds of $17.5 million USD, or approximately $24 million CAD at current exchange rates, on a cash-free, debt-free basis, subject to normal working capital adjustments.

“With our strategic review process complete and our new facilities now online, we have laid the groundwork to deliver focused, high-return growth in our remaining core businesses,” said Mike Reeves, Mattr’s President and CEO. “I would like to thank every member of the Thermotite team for their many contributions to the history and success of our organization, and wish them continued success under Vallourec.”

About Mattr

Mattr is a growth-oriented, global materials technology company broadly serving critical infrastructure markets, including transportation, communication, water management, energy and electrification. Its two business segments, Composite Technologies and Connection Technologies, enable responsible renewal and enhancement of critical infrastructure.

For further information, please contact

Meghan MacEachern
VP, Investor Relations & External Communications
Telephone: 437.341.1848
Email: meghan.maceachern@mattr.com
Website: www.mattr.com

Source: Mattr Corp.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did Mattr (MTTRF) sell Thermotite for?

Mattr sold Thermotite for $17.5 million USD (approximately $24 million CAD) on a cash-free, debt-free basis, subject to working capital adjustments.

What are Mattr's (MTTRF) remaining business segments after the Thermotite sale?

After the Thermotite sale, Mattr retains two core business segments: Composite Technologies and Connection Technologies.

Who purchased Thermotite from Mattr (MTTRF)?

Vallourec Tubular Solutions Ltda., a subsidiary of Vallourec S.A. (EPA:VK), purchased Thermotite from Mattr.

What markets does Mattr (MTTRF) serve after the strategic realignment?

Mattr serves critical infrastructure markets including transportation, communication, water management, energy and electrification.