Weir agrees sale of flow control division for £275m

Weir Group news
Weir Group news

Weir Group will sell its flow control division to private-equity investment firm First Reserve for £275 million.

The transaction is expected to go through in the second quarter of 2019.  

Weir originally announced plans to sell the division in April 2018.

The division provides highly engineered pumps, valves and other solutions used in power, industrial and downstream oil and gas applications.   

Once the deal is completed, more than 80% of Weir’s revenues will be from aftermarket-intensive mining and upstream oil and gas markets.

Weir Group CEO Jon Stanton said: “We are pleased to announce the sale of flow control to First Reserve. 

“This is a high-quality business with great people and I’d like to thank the team for their longstanding contribution to the group and dedication throughout the sale process. 

The decision to sell flow control is part of Weir’s recent portfolio transformation which focuses the group on where we can maximise long-term value – building on our strong global leadership positions in mining and upstream oil and gas markets.”