Last checked at 1 Jul 2019 07:00
Weir completes the sale of Flow Control to First Reserve
The Weir Group PLC is pleased to announce that it has completed the sale of its Flow Control division to First Reserve. The sale, for an Enterprise Value of £275m, subject to customary working capital and debt-like adjustments1, was first announced on 25 February 2019 and completed on 28 June 2019.
Commenting, Weir Group CEO Jon Stanton said:
"The sale of the Flow Control division marks an important step in successfully delivering our strategy. It means Weir is now a more focused business with strong positions in premium upstream mining and oil and gas markets around the world. On behalf of everyone at Weir I would like to thank David Paradis and the Flow Control team for their longstanding contribution to the Group and we wish them every success in the future."
1. Completion Accounts will be prepared following completion to determine the final equity value and cash proceeds.
---ENDS --
About The Weir Group PLC
As one of the world's leading engineering businesses we work in partnership with our customers to solve their toughest operating challenges safely, efficiently and sustainably. We provide original equipment and aftermarket services to mining, infrastructure and upstream oil and gas markets, supporting the essential resources needed by a growing world.
Weir's ordinary shares trade on the London Stock Exchange (ticker: WEIR LN) and its American Depositary Receipts trade over-the-counter in the USA (ticker: WEGRY).
Enquiries: | |
Investors: Stephen Christie | +44 (0) 141 637 7111 |
Media: Raymond Buchanan | +44 (0) 141 637 7111 / +44 (0) 771 326 1447 |
Brunswick: Carole Cable / Charles Pretzlik | +44 (0) 20 7404 5959 |