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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 OFΒ Β WEIRΒ PROCESS EQUIPMENTΒ CANADAΒ TO WAJAXΒ INCOME FUND FORΒ Β Can$25.4m
The Weir Group PLC ("Weir"),Β announces that itΒ hasΒ reached an agreement to sellΒ WeirΒ Process EquipmentΒ CanadaΒ toΒ WajaxΒ Income FundΒ forΒ aΒ cashΒ consideration ofΒ Can$25.4m,Β subject toΒ post-closing adjustment. The transaction is conditional on approval byΒ the Canadian Competition Bureau, which is expected in September.
WeirΒ ProcessΒ EquipmentΒ isΒ aΒ leadingΒ industrial product distributor inΒ CanadaΒ employingΒ 125Β people acrossΒ 12Β locations. The company's revenueΒ for 2007Β was Can$57m. The disposal of the distribution business does not in any way affect the other considerable interests which Weir has inΒ Canada. The Group continues to invest in its extensive Canadian service centre network whichΒ isΒ 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. WeΒ will useΒ the cash proceedsΒ to continue to develop Weir'sΒ activitiesΒ inΒ our chosenΒ specialist higher margin businesses."
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Contact details: The Weir Group PLC |
0141 637 7111 |
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Helen Walker, Public Relations Manager |
Mobile: 07789 032296 |
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Β MaitlandΒ |
Tel. 020 7379 5151 |
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Suzanne Bartch |
(Mobile: 07769 710 335) |
|
Peter Ogden |
(MobileΒ : 07811 124 197) |
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