GLASGOW engineering giant Weir Group has offloaded its Flow Control division for £275 million.
The division, which provides pumps, valves and other solutions to the power, industrial and downstream oil and gas sectors, has been bought by global private equity firm First Reserve.
The deal comes after Glasgow-based Weir put the loss-making division up for sale last April, when it unveiled the acquisition of ESCO, which provides ground-engaging tools to the mining industry.
Following competition of the flow control sale, expected in the second quarter, 80 per cent of Weir’s business will be in supporting the global mining industry, with the balance coming from the oil and gas sector.
Weir chief executive Jon Stanton said: “We are pleased to announce the sale of Flow Control to First Reserve. This is a high-quality business with great people, and I'd like to thank the team for their longstanding contribution to the Group and dedication throughout the sale process.
“The decision to sell Flow Control is part of Weir's recent portfolio transformation which focuses the Group on where we can maximise long-term value - building on our strong global leadership positions in mining and upstream oil and gas markets.”
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