GLASGOW, Scotland – Weir has entered into a binding agreement to acquire the remaining 50% share of its Chile-based joint venture ESCO Elecmetal Fundición Limitada (“ESEL”) for a sterling equivalent purchase price of £56m (US$75m), subject to customary net debt and working capital adjustments. The acquisition will strengthen Weir’s direct market channels and manufacturing capabilities in South America and accelerate the long-term market growth opportunity for Weir in the LATAM region.
This acquisition enables Weir to transition to a direct-to-customer model in this important mining market with strong structural drivers. The acquisition will accelerate ESCO’s proven go-direct strategy supporting the division’s growth and market share in the region with our best in class technology and customer intimacy.
