Weir Group Regulatory News (WEIR)

21 Aug 2007 07:01

Weir Group PLC21 August 2007 The Weir Group PLC 21 August 2007 WEIR ACQUIRES MULTIFLO AUSTRALIA PTY LTD FOR A$22MILLION The Weir Group PLC ("Weir"), the global engineering group, has signed anagreement to acquire Multiflo Australia Pty Ltd ("Multiflo"), a privately-ownedspecialist mine dewatering pump business for A$22m (£8.8m(*1)) with the fullamount payable in cash at completion on 31 August 2007, subject to regulatoryapprovals. Multiflo is the market leader in Australia and Indonesia manufacturing heavyduty self-priming dewatering pumps primarily for the mining industry. Thecompany, which is based in Caloundra, 100kms north of Brisbane, has a wide rangeof customers including major mining houses. For the financial year to 30 June 2007, Multiflo reported sales of A$16.8m andearnings before interest, tax, depreciation and amortisation (EBITDA) of A$2.6m. The acquisition is in line with Weir's strategic objective to increase theMinerals business opportunities with existing customers by offering a completesuite of mine dewatering products. Weir Group chief executive Mark Selway said: "This is an excellent addition toour Minerals business which has been developing its portfolio to include mine dewatering products and will extend our capabilities to both existing customersand potential new customers around the world." *1 Exchange rate as at 17 August 2007 Further information: Contact details: The Weir Group PLCMark Selway, Chief Executive Tel. 0141 637 7111Helen Walker, Public Relations Manager (Mobile: 07789 032296)The Maitland Consultancy Tel. 020 7379 5151Suzanne Bartch (Mobile: 07769 710 335)Peter Ogden (Mobile: 07811 124 197) This information is provided by RNS The company news service from the London Stock Exchange