Weir Group PLC (LON:WEIR) has today announced 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.
