Weir Group has appointed John Heasley as its chief financial officer with immediate effect.
The chief executive of pipe and valve maker Weir Group will step down from his role with the company.
Weir Group today confirmed its chief operating officer has stepped down to spend more time with his family.
Weir Oil & Gas has joined forces with Rolls-Royce to launch a new firm dubbed EPIX.
Struggling Scottish engineering firm Weir Group was forced to do a U-turn over directors' pay following a shareholders’ revolt at yesterday’s annual general meeting. In a resounding defeat, the company’s executive remuneration policy was voted down by 73% of shareholders, despite chief executive Keith Cochrane taking a pay cut of more than a quarter, leaving him with just over £1milllion. Their objection was linked to the proposed introduction of share options for executives which will pay out regardless of the company's performance, a rarity in UK boardrooms.
Scottish engineering firm Weir Group PLC on Thursday said trading in the first quarter was slightly ahead of its expectations, boosted by cost cutting and a resilient performance from its minerals arm.
Scottish engineering firm Weir Group has warned 2016 would be "another challenging year" as it reported a substantial pretax loss in 201.
Weir Group will reduce its headcount by a further 400 jobs overseas as it looks to reduce costs. The company said it expects trading conditions remain challenging through the fourth quarter of the year with further declines in oil and gas exploration and production. The valve and pump maker said it was also feeling pressure as a result of lower mineral prices.
Scots engineering group Weir has agreed to acquire US valve maker Delta in a $47million deal.
Oil and Gas services firm Weir rose by nearly 5% amid speculation it could be the subject of a break-up bid from a US private equity firm. The stock, which has hit turbulence in recent months due to the fall in oil prices, was 85.5p higher at 1824.5p. Other big risers included Taylor Wimpey after the company this week joined rival firms in reporting a strong start to the important spring selling season.
Scottish engineer Weir Group said yesterday it was readying itself for a significant fall in revenue and lower operating margins because of the plunge in oil prices. The gloomy outlook accompanying full-year results sent the Glasgow-based company’s shares tumbling nearly 10%. Weir, which makes valves and pumps for the energy and mining industries, has been hit by a slowdown in North American oilfield activity as crude oil prices remain depressed and explorers and producers slash capital spending.