Business
Completion of Acquisition and Additional Listing
Completion of Acquisition and Additional Listing.
About this update from Weir Group Plc
[{"type":"text","content":"\n \nRNS Number : 3737U Weir Group PLC 12 July 2018 \n\nWeir completes acquisition of ESCO Corporation: admission of shares to trading\n \nThe Weir Group PLC (\"Weir\" or \"the Group\") has completed the acquisition of ESCO Corporation (\"ESCO\") effective today.\n \nThis follows the announcement on 19 April 2018 of an agreement to acquire ESCO, the world's leading provider of ground engaging tools for surface mining and infrastructure, for an estimated Enterprise Value of US$1,285m (\"the Acquisition\").\n \nWeir Group CEO Jon Stanton said:\n \n\"I am delighted that ESCO has formally become part of the Weir Group. ESCO brings a strong global leadership position and adds another premium brand to our portfolio of market-leading products and services.\n \nAs mining markets continue to grow customers are focused on increasing production sustainably and efficiently. ESCO's premier position in surface mining complements our established leadership in materials processing, meaning together the Group has a unique range of mission critical solutions from extraction to concentration, built on proprietary technology, superior wear life and supported by an unrivalled service network.\"\n \nESCO will operate as a new division of the Weir Group, and will be reported as a separate segment alongside Minerals and Oil & Gas. 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.\n \nESCO will be led by Division President Jon Owens, formerly President and Chief Operating Officer of ESCO Corporation, who first joined the business in 1986. Jon will join Weir's Group Executive and become a Person Discharging Managerial Responsibilities (PDMR) with immediate effect.\n \nCal Collins, formerly Chairman and CEO of ESCO Corporation, will join The Weir Group PLC Board as a Non-Executive Director and PDMR with immediate effect.\nThere are no further details to be disclosed relating to Cal Collins under section 9.6.13 of the Listing Rules. \nFurther biographical information on Cal Collins and Jon Owens is available at www.global.weir \n \nAdmission to trading\n \nFurther to the announcement of yesterday and following completion of the Acquisition...