GLASGOW, Scotland - The Weir Group PLC has completed the acquisition of ESCO Corporation on July 12.
This follows the announcement in April of an agreement to acquire ESCO, the world’s leading provider of ground engaging tools for surface mining and infrastructure, for an estimated enterprise value of $1.285 million.
“I am delighted that ESCO has formally become part of the Weir Group," Weir Group CEO Jon Stanton said. "ESCO brings a strong global leadership position and adds another premium brand to our portfolio of market-leading products and services."
ESCO will operate as a new division of the Weir Group, and will be reported as a separate segment alongside minerals and oil & gas. Following the previous announcement that Weir Group will initiate a process to sell the flow control division, the results of that division will now be reported as discontinued operations.
ESCO will be led by division president Jon Owens, formerly president and chief operating officer of ESCO Corporation, who first joined the business in 1986. Owens will join Weir’s executive group.
Cal Collins, formerly chairman and CEO of ESCO, will join The Weir Group PLC Board as a non-executive director.