Last checked at 22 Dec 2020 07:00
Sale of Weir Oil & Gas division expected to complete in Q1 2021
The proposed sale of Weir's Oil & Gas division to Caterpillar Inc. is now expected to close in the first quarter of 2021.
As previously announced, completion of the transaction by the end of this year was dependent on the receipt of all regulatory clearances. While the majority of these clearances have been received, including those from the United States, a small number remain outstanding, with the timing of some standard processes being delayed by Covid-19 restrictions.
An agreement to sell the Oil & Gas division to Caterpillar for an enterprise value of $405m, subject to customary
working capital and net-debt adjustments, was announced on 5 October 2020. The proposed sale was approved by shareholders in a general meeting on 23 November 2020, with 99.97% of the shares voted being in favour of the transaction. Weir Oil & Gas has been reported under discontinued operations since the sale agreement was announced.
About The Weir Group PLC
Founded in 1871, The Weir Group PLC is a premium mining technology business whose purpose is to make customers' operations more sustainable and efficient. The Group is ideally positioned to benefit from structural trends that support long-term demand for its technology including the need for more essential metals to support economic development and carbon transition. Weir's highly engineered technology enables these critical resources to be produced using less energy, water and waste - reducing customers' total cost of ownership. The Group has c.13,000 employees in over 60 countries.
Enquiries: | |
Investors: Stephen Christie Media: Chris Barrie / Kevin Smith at Citigate Dewe Rogerson | +44 (0) 141 308 3707 +44 (0) 207 638 9571 Weir@citigatedewerogerson.com |