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1 Sep 2008 07:00
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THE WEIR GROUP PLC
1 September 2008
THE WEIR GROUP PLC AGREES THE SALE OFĀ Ā WEIRĀ PROCESS EQUIPMENTĀ CANADAĀ TO WAJAXĀ INCOME FUND FORĀ Ā Can$25.4m
The Weir Group PLC ("Weir"),Ā announces that itĀ hasĀ reached an agreement to sellĀ WeirĀ Process EquipmentĀ CanadaĀ toĀ WajaxĀ Income FundĀ forĀ aĀ cashĀ consideration ofĀ Can$25.4m,Ā subject toĀ post-closing adjustment. The transaction is conditional on approval byĀ the Canadian Competition Bureau, which is expected in September.
WeirĀ ProcessĀ EquipmentĀ isĀ aĀ leadingĀ industrial product distributor inĀ CanadaĀ employingĀ 125Ā people acrossĀ 12Ā locations. The company's revenueĀ for 2007Ā was Can$57m. The disposal of the distribution business does not in any way affect the other considerable interests which Weir has inĀ Canada. The Group continues to invest in its extensive Canadian service centre network whichĀ isĀ an integral part of its oil & gas, power and mining activities.
Commenting on this transaction today, Weir Group chief executive Mark Selway said:
"The Weir Group today is focused on the supply of speciality equipment and services for the oil & gas, mining and power & industrial sectors. This transaction is consistent with our strategy to realise value from our non-core assets. WeĀ will useĀ the cash proceedsĀ to continue to develop Weir'sĀ activitiesĀ inĀ our chosenĀ specialist higher margin businesses."
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Contact details: The Weir Group PLC |
0141 637 7111 |
|
Helen Walker, Public Relations Manager |
Mobile: 07789 032296 |
|
Ā MaitlandĀ |
Tel. 020 7379 5151 |
|
Suzanne Bartch |
(Mobile: 07769 710 335) |
|
Peter Ogden |
(MobileĀ : 07811 124 197) |
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