Weir buys Indian valve business
The Weir Group PLC has agreed to acquire the valves business of
BDK Engineering Industries Limited ("BDK"). Completion is
conditional on tax clearance and is scheduled for early October
2010. The business had gross assets of £16.7m (INR 1.22bn) at 31
March 2010.
BDK, a family owned business based in Hubli, Karnataka, India,
manufactures valves for the oil and gas, petrochemical and power
markets. The business generated sales of £20.9m (INR 1.52bn) in the
year to 31 March 2010.
Keith Cochrane, chief executive of Weir, said: "This acquisition
further strengthens our emerging market footprint.
BDK's range of valves will enhance our global customer offering and
its Indian sales network will provide an additional route to market
for many of our existing products."
Commenting on the transaction, Bharat Khimji, BDK's founder,
stated: "My family has developed BDK over the last 30 years into an
internationally recognised valves manufacturer. We are pleased to
entrust the next stage in the growth of the business to an
engineering group of Weir's global standing. We are convinced that
this is an excellent outcome for customers and employees. My sons
and I look forward to continuing to play our roles in ensuring a
smooth transition."
£1 = INR (Indian Rupees) 72.7
NOTE: Further information on BDK is available from its website
www.bdkindia.com.
END
WEIR IN INDIA
Weir India currently has two main operations in Bangalore
serving the Minerals and Power & Industrial markets and
currently employs 350 people. Weir India also has a
significant engineering shared service capability providing
engineering support to many Weir companies globally.
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
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