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1 Sep 2008 07:00
THE WEIR GROUP PLC
1 September 2008
THE WEIR GROUP PLC AGREES THE SALE OF WEIR PROCESS EQUIPMENT CANADA TO WAJAX INCOME FUND FOR Can$25.4m
The Weir Group PLC ("Weir"), announces that it has reached an agreement to sell Weir Process Equipment Canada to Wajax Income Fund for a cash consideration of Can$25.4m, subject to post-closing adjustment. The transaction is conditional on approval by the Canadian Competition Bureau, which is expected in September.
Weir Process Equipment is a leading industrial product distributor in Canada employing 125 people across 12 locations. The company's revenue for 2007 was Can$57m. The disposal of the distribution business does not in any way affect the other considerable interests which Weir has in Canada. The Group continues to invest in its extensive Canadian service centre network which is 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. We will use the cash proceeds to continue to develop Weir's activities in our chosen 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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Maitland |
Tel. 020 7379 5151 |
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Suzanne Bartch |
(Mobile: 07769 710 335) |
|
Peter Ogden |
(Mobile : 07811 124 197) |
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