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Weirs in firm exchange
SOUTHSIDE firm Weir has welcomed in the new year by selling one firm it controlled and buying a new company.
Weir has sold LGE Process to Babcock International Group PLC for £25 million.
LGE designs and builds plants fr the processing, storage and handling of liquid gases and is a market leader in supplying these solutions to the marine and onshore sectors.
Revenues in the year ending December 30, 2011 were £26.3m and operating profits were £3m.
On the purchasing front, Weir is now the ownerof Mathena, Inc which is a leading provider of superior quality pressure control solutions in drilling applications.
Supported through 12 service facilities located in the key US unconventional oil and gas basins, Mathena products help to control, separate and vent abnormal pressures from the well bore during the drilling process.
Gross assets for Mathena at December 31, 2011 were US$75m with 2011 profits before taxation of US$46.
The southside company has been hailed a success in austere times with annual revenues at more than £2.2 billion in 2011.
A statement on Weir’s website says: “Weir is committed to going where our customers go, with a worldwide network of more than 140 manufacturing facilities and service centres.
“The business has a presence in more than 70 countries, with over 14,000 staff around the world working in three divisions: minerals, oil and gas and power and industrial”.
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Saturday 18 May 2013
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