Weir Group PLC
21 April 2008
The Weir Group PLC
21 April 2008
THE WEIR GROUP PLC AGREES THE SALE OF WEIR STRACHAN & HENSHAW TO BABCOCK
INTERNATIONAL GROUP PLC FOR ca£65MILLION
The Weir Group PLC ('Weir'), announces that it has sold Weir Strachan & Henshaw
to Babcock International Group PLC ('Babcock') for approximately £65million.
Weir Strachan & Henshaw is a leading engineering design and project management
business for the defence and nuclear industries with locations in the United
Kingdom, Australia, Canada and the United States. Its revenue for 2007 was
£51.8million.
Commenting on this transaction today, Weir Group chief executive Mark Selway
said:
'The Weir Group today is focused on the supply of speciality equipment and
services for the oil & gas, mining and power & industrial sectors which
accounted for almost 90% of the Group's revenue in 2007. This transaction is
consistent with our strategy to realise value from our non-core assets and
complements the disposal of Weir's interest in Devonport Management Limited in
the second half of 2007.'
The cash proceeds will be used to continue to develop Weir's activities in
specialist higher margin businesses in the oil & gas, mining and power &
industrial sectors.
Note: The results of Weir Strachan & Henshaw, for the period prior to disposal,
will be classified as discontinued operations in 2008 with prior year
comparatives stated.
Contact details: The Weir Group PLC 0141 637 7111
Helen Walker, Public Relations Manager Mobile: 07789 032296
Maitland 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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