HIM Tech Acquisition
Weir strengthens global valves business with acquisition
in Korea
The Weir Group PLC has agreed to acquire a majority interest in
the South Korean valves business formerly operated by HIM Tech Co
Ltd (“HIM Tech”).
Located in Ansan, near Seoul, the business designs and
manufactures control and choke valves for severe service power
generation and oil & gas applications. As well as domestic
customers, its products are supplied to major South Korean
engineering contractors for international projects. In the year to
31 December 2010, HIM Tech’s valves business recorded sales of
US$10.5m.
Weir has agreed to acquire 60% of a new Korean company, Weir
International, into which the HIM Tech valves business has been
transferred.
Keith Cochrane, chief executive of Weir, commented: “This
acquisition in South Korea, one of the “Next 11” high growth
economies, increases our global capability, allowing us to add
local content in Korea and provides strong links to a number of
important Korean contractors who supply both the home and
international markets. The team at HIM Tech, led by Heang
Hoon Cho, are already well known to us as trading partners. In
recent months we have been collaborating on a number of initiatives
which we expect will generate new orders for our global valves
business."
Heang Hoon Cho, who will continue as president of the Ansan
operation under the Weir banner, added: “I have worked with Weir
for 17 years, first as agent and then licensee, and I am delighted
that we are becoming an integral part of the Weir Group. The
acquisition opens many new avenues to expand the business both in
Korea and with Korean customers worldwide.”
The transaction is expected to be completed during the course of
July.
NOTES
- The book value of gross assets of the HIM Tech valves business
at 31 December 2010 was US$1.8m.
- Financial data relating to HIM Tech have been converted from
Korean Won at US$ 1 = KRW 1100.
Contact details:
The Weir Group PLC
Vicky Ferrier, Group Head of Communications & Investor
Relations
Tel: 0141 308
3782
Mobile: 0778 710 5515
Maitland
Suzanne Bartch
Lydia Tay
Tel: 0207 379 5151
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