Disposal
THE WEIR GROUP PLC AGREES
THE SALE OF WEIR STRACHAN & HENSHAW
TO BABCOCK INTERNATIONAL GROUP PLC
FOR ca£65MILLION
The Weir Group PLC (“Weir”), announces that it
has sold Weir Strachan & Henshaw to Babcock International Group
PLC (“Babcock”) for approximately £65million.
Weir Strachan & Henshaw is a leading
engineering design and project management business for the defence
and nuclear industries with locations in the United Kingdom,
Australia, Canada and the United States. Its revenue for 2007
was £51.8million.
Commenting on this transaction today, Weir
Group chief executive Mark Selway said:
“The Weir Group today is focused on the supply
of speciality equipment and services for the oil & gas, mining
and power & industrial sectors which accounted for almost 90%
of the Group’s revenue in 2007. This transaction is
consistent with our strategy to realise value from our non-core
assets and complements the disposal of Weir’s interest in Devonport
Management Limited in the second half of 2007.”
The cash proceeds will be used to continue to
develop Weir’s activities in specialist higher margin businesses in
the oil & gas, mining and power & industrial sectors.
Note: The results of Weir Strachan &
Henshaw, for the period prior to disposal, will be classified as
discontinued operations in 2008 with prior year comparatives
stated.
For further information please contact
Helen Walker
Group PR Manager
Tel: 0141 637 7111
Fax: 0141 637 2221
Email Helen.walker@weir.co.uk
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