Weir in purchase bid
SOUTHSIDE company Weir Group has revealed its intention to buy Australian firm, Ludowici Limited.
Based in Brisbane, Ludowici is a leading provider of vibrating screens, centrifuges and complimentary wear-resistant products and services to the mining industry with a strong focus on coal applications.
Apart from its work in the Australian market, which accounts for 65% of revenues, Ludowici also has bases in South Africa, South America, India and China.
The firm employs around 1,000 staff globally, with 450 of them being in Australia.
Weir chief executive Keith Cochrane said: “Ludowici is a well-known and respected brand in the coal-processing sector.
“The potential acquisition would extend Weir’s offering in minerals processing and expand our exposure to the attractive and fast-growing coal sector where Weir is ralatively unrepresented.
“As part of the global Weir Minerals business, we would look to accelerate the growth of Ludowici, consistent with Weir’s 2010 acquisition of Linatex”.
Sidney-based Rob Brown, Weir’s regional managing director, said: “With our own strong presence in the Australian mining equipment sector, Weir has followed the development of Ludowici and is aware of the value embedded in the strong Ludowici brand, developed over 154 years.
“The combination of Weir’s existing Australian operations with Ludowici represents a compelling opportunity for both companies, theirs customers and their shareholders”.
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Wednesday 30 May 2012
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