Weir Group to Sell Oil-And-Gas Business for $405 Million
October 05 2020 - 2:49AM
Dow Jones News
By Jaime Llinares Taboada
Weir Group PLC said Monday that it has agreed to sell its
oil-and-gas business to Caterpillar Inc. for $405 million.
The FTSE 250 engineering company said the deal follows its
strategy of becoming a pure mining technology company. The proceeds
will be used to reduce leverage.
"Alongside the previous sale of the flow control division and
the acquisition of ESCO, it is a major milestone in transforming
the group into a focused, premium mining technology business,"
Chief Executive Jon Stanton said.
Weir's oil-and-gas business contributed an adjusted operating
profit of 36.4 million pounds ($47.1 million) in 2019, and an
adjusted operating loss of GBP4.4 million in the first half of
2020.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
October 05, 2020 02:34 ET (06:34 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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