Weir Group Regulatory News (WEIR)

21 Apr 2008 14:03

Weir Group PLC21 April 2008 The Weir Group PLC 21 April 2008 THE WEIR GROUP PLC AGREES THE SALE OF WEIR STRACHAN & HENSHAW TO BABCOCKINTERNATIONAL GROUP PLC FOR ca£65MILLION The Weir Group PLC ("Weir"), announces that it has sold Weir Strachan & Henshawto Babcock International Group PLC ("Babcock") for approximately £65million. Weir Strachan & Henshaw is a leading engineering design and project managementbusiness for the defence and nuclear industries with locations in the UnitedKingdom, Australia, Canada and the United States. Its revenue for 2007 was£51.8million. Commenting on this transaction today, Weir Group chief executive Mark Selwaysaid: "The Weir Group today is focused on the supply of speciality equipment andservices for the oil & gas, mining and power & industrial sectors whichaccounted for almost 90% of the Group's revenue in 2007. This transaction isconsistent with our strategy to realise value from our non-core assets andcomplements the disposal of Weir's interest in Devonport Management Limited inthe second half of 2007." The cash proceeds will be used to continue to develop Weir's activities inspecialist higher margin businesses in the oil & gas, mining and power &industrial sectors. Note: The results of Weir Strachan & Henshaw, for the period prior to disposal,will be classified as discontinued operations in 2008 with prior yearcomparatives stated. Contact details: The Weir Group PLC 0141 637 7111Helen Walker, Public Relations Manager Mobile: 07789 032296Maitland 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