Weir has acquired ESCO, a provider of ground engaging tools for surface mining and infrastructure, for an estimated value of $1,285m. Weir says the group now has a range of solutions which are built on proprietary technology and improved wear life.
Under the agreement, ESCO will operate as a new division and be reported as a separate segment alongside Minerals and Oil & Gas.
Weir says: “Following the previous announcement that the Group will initiate a process to sell the Flow Control Division, the results of that division will now be reported as discontinued operations.”
Jon Owens, division president will lead ESCO. He was previously president and chief operating officer for the company. Owens will also join Weir’s group executive and become a person discharging managerial responsibilities (PDMR) with immediate effect.
Cal Collins, formerly Chairman and CEO of ESCO, now joins Weir’s board as non-executive director and is also a PDMR.