Weir sells Flow Control unit to First Reserve for £275m

Writer, Stock Market Wire
Monday, February 25, 2019 - 16:10

Weir Group said it had agreed to sell its Flow Control division to private equity investment firm First Reserve for an enterprise value of £275m.

Flow Control provides highly engineered pumps, valves and other solutions used in power, industrial and downstream oil and gas applications.

'The decision to sell Flow Control is part of Weir's recent portfolio transformation, which focuses the group on where we can maximise long-term value - building on our strong global leadership positions in mining and upstream oil and gas markets,' chief executive Jon Stanton said.

The transaction remained subject to regulatory and other approvals, with completion expected in in the second quarter of 2019.

At 4:10pm: (LON:WEIR) Weir Group PLC share price was -3.5p at 1625p

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