Business
Trading Update and impact of Covid-19
Trading Update and impact of Covid-19.
About this update from Weir Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 6402H\n Weir Group PLC\n 26 March 2020\n \n \n \n \n Trading update and impact of Covid-19\n \n \n \n \n \n The Weir Group PLC today updates the market on the impact of Covid-19 to date, recent trading and the actions it is taking to navigate through this period of uncertainty. \n \n \n \n \n \n Covid-19 \n \n \n The Group's approach to these unprecedented circumstances reflects its values which include thinking safety first, delighting your customer, and doing the right thing. As we closely monitor the impact of Covid-19, our priorities are safeguarding the health and well-being of our employees and wider communities, working with authorities to halt the spread of Covid-19 and fully supporting our customer requirements within the constraints of the first two priorities.\n \n \n \n \n \n In China where our three facilities endured a forced shut-down in early February we are now back to full operating capacity. However, in recent days we have seen increasing interruption at some of our other operations and supply chains as governments step up their efforts to control the spread of Covid-19. The main impact on our facilities so far has been in the US, UK, South Africa, Peru and Malaysia. We anticipate further disruptions as we move forward, although the extent and duration remains unknown. From a customer perspective, with the exception of South Africa, we have seen most mining operations continue, albeit subject to some restrictions. \n \n \n \n \n \n Trading update \n \n \n Trading in January and February was in line with our expectations across each of our divisions. Through March, with the significant reduction in oil prices and escalation of the global Covid-19 pandemic, the external environment has changed rapidly. \n \n \n \n \n \n In Minerals and ESCO, overall aftermarket demand in our main mining markets has remained robust so far, reflecting miners' focus on continuing production and the mission-critical nature of our products. March to date has seen a slowdown in original equipment orders, although the longer-term project pipeline remains active.\n \n \n \n \n \n Oil & Gas has seen North American order activity start to slow as a result of lower oil prices and widespread reductions in E&P capex. We expect to...