Weir Group PLC
21 August 2007
The Weir Group PLC
21 August 2007
WEIR ACQUIRES MULTIFLO AUSTRALIA PTY LTD FOR A$22MILLION
The Weir Group PLC ('Weir'), the global engineering group, has signed an
agreement to acquire Multiflo Australia Pty Ltd ('Multiflo'), a privately-owned
specialist mine dewatering pump business for A$22m (£8.8m(*1)) with the full
amount payable in cash at completion on 31 August 2007, subject to regulatory
approvals.
Multiflo is the market leader in Australia and Indonesia manufacturing heavy
duty self-priming dewatering pumps primarily for the mining industry. The
company, which is based in Caloundra, 100kms north of Brisbane, has a wide range
of customers including major mining houses.
For the financial year to 30 June 2007, Multiflo reported sales of A$16.8m and
earnings before interest, tax, depreciation and amortisation (EBITDA) of A$2.6m.
The acquisition is in line with Weir's strategic objective to increase the
Minerals business opportunities with existing customers by offering a complete
suite of mine dewatering products.
Weir Group chief executive Mark Selway said: 'This is an excellent addition to
our Minerals business which has been developing its portfolio to include mine
dewatering products and will extend our capabilities to both existing customers
and potential new customers around the world.'
*1 Exchange rate as at 17 August 2007
Further information:
Contact details: The Weir Group PLC
Mark Selway, Chief Executive Tel. 0141 637 7111
Helen Walker, Public Relations Manager (Mobile: 07789 032296)
The Maitland Consultancy Tel. 020 7379 5151
Suzanne Bartch (Mobile: 07769 710 335)
Peter Ogden (Mobile: 07811 124 197)
This information is provided by RNS
The company news service from the London Stock Exchange
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