Acquisition
The Weir Group PLC
21 December 2010
Wind power buy expands Weir's renewables
presence
The Weir Group PLC has acquired a majority shareholding in wind
power maintenance specialist, Ynfiniti Engineering Services SL
("YES").
Based in Madrid, Spain, and with subsidiaries in Portugal, Italy
and the USA, YES provides operating and maintenance services to the
growing installed base of wind turbines.
YES, projected to have sales of €10m (£8.5m *1) in
2010, had gross assets of €4.8m (£4.1m *1) at 31
December 2009. Core customers include Gamesa, Suzlon, Vestas,
Alstom and Iberdrola Renovables.
Keith Cochrane, chief executive of Weir, commented: "Wind
power continues to be a key focus for renewable energy investment
worldwide. Our Power & Industrial Division is already seeing
strengthening demand internationally for high quality maintenance
and upgrade services for the increasing number of established wind
farms. YES will greatly complement Weir's offering to this
fast developing renewable power aftermarket."
Ignacio Esteve, managing director of YES, added: "Earlier
this year we started working alongside Weir on a wind farm project
in Scotland. Joining forces with Weir will transform
our ability to offer on-the-ground services in new markets to
leading turbine manufacturers. We are absolutely delighted at
the opportunity this will offer our own employees."
Weir has acquired 76% of YES, the management team retaining the
24% balance, which Weir has an option to acquire within the next
six years.
Weir has been developing its wind power presence organically
from its Alloa, Scotland service centre. In conjunction
with YES, Weir is providing maintenance services to Alstom at
ScottishPower's Clachan Flats wind farm in Argyll, Scotland.
The YES wind power purchase follows Weir's November acquisition
of leading hydro-power aftermarket specialist American Hydro, based
in Pennsylvania.
Contact details:
The Weir Group PLC
Helen Walker, Public Relations Manager Tel. 0141 308
3739 (Mobile: 07789 032296)
Maitland Tel. 020 7379 5151
Suzanne Bartch
Rowan Brown
END
*1Exchange rate of £1 = €1.182 in London on 20
December 2010
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