Weir completes purchase of Motion Metrics

RNS Number : 1203U

Weir Group PLC

01 December 2021

 

Weir completes purchase of Motion Metrics

The Weir Group announces today that it has completed the previously announced acquisition of Motion Metrics, the market leading developer of innovative Artificial Intelligence and Machine Vision technology used in mines worldwide, for an initial consideration of £89m.

Commenting on the acquisition, Weir Group CEO Jon Stanton said:

"I am delighted to welcome our colleagues from Motion Metrics to Weir as we combine forces to play a leading role in making mining smarter, more efficient and more sustainable. I am excited by the opportunities this acquisition brings to drive growth and accelerate our journey to include data and insight as a core offering to our customers." 

Motion Metrics becomes a part of Weir's ESCO division and will serve as a global centre of excellence for AI and Machine Vision technology in Weir, supporting the increased digitisation of the broader Weir product portfolio. 

A copy of the press release of 5 November 2021 relating to the announcement can be viewed at global.weir/newsroom.

Enquiries:
Investors: Stephen Christie Media: Citigate Dewe Rogerson: Chris Barrie / Kevin Smith	[phone] [phone] [e-mail]

About The Weir Group PLC

Founded in 1871, The Weir Group PLC is one of the world's leading engineering businesses with a purpose to make its mining and infrastructure customers' operations more sustainable and efficient.  Weir's highly engineered technology enables critical resources to be produced using less energy, water and waste while reducing customers' total cost of ownership.  The Group is ideally positioned to benefit from structural trends that support long-term demand for its technology including the need for more essential metals to support economic development and carbon transition.  The Group has c.11,000 employees operating in over 60 countries with a presence in every major mining region of the world.  Find out more at www.global.weir.

Weir's ordinary shares trade on the London Stock Exchange (ticker: WEIR LN) and its American Depositary Receipts trade over-the-counter in the USA (ticker: WEGRY).  

About Motion Metrics International Corp.

Founded in 1999 Motion Metrics is a leading provider of AI and rugged Machine Vision technology to global mining markets.  Its suite of patented products provides image and sensor-based automatic monitoring and analysis for applications such as equipment and wear monitoring, rock fragmentation sensing, boulder detection and payload weight and volume analysis. Motion Metrics innovative technology is used on more than 80 mine sites around the world and enables mine operators to optimise safety, efficiency and sustainability by helping prevent costly unplanned downtime.  Its solutions are used in a variety of applications from drill and blast through to minerals processing.  The business is based in Vancouver, Canada and has sales offices in a number of major mining regions including Chile, Australia, Brazil, Russia and South Africa. For further information, please visit www.motionmetrics.com.

 

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