Glasgow engineer in $47m deal

Weir swoops on Michigan firm to boost US oil sands business

Keith CochraneWeir Group has strengthened its position in the US oil sands market after acquiring Michigan manufacturer Delta Industrial Valves, for $47 million (£30m).

Delta employs 70 workers and generated EBITDA of $6.2 million. The transaction will be immediately earnings accretive.

Keith Cochrane, chief executive of Weir said: “Weir is a global leader in process critical products in the mining and oil sands markets and the acquisition of Delta further strengthens our comprehensive offering to customers.

“Delta’s strong brand and reputation, together with Weir’s global capability, mean we will be able to offer our customers new ways to increase efficiency at a time when the industry is focused on reducing costs and increasing productivity.”

Mark Johnson, vice-president of Delta, said: “We are delighted that Delta will be joining one of the world’s leading engineering businesses.   Delta will be able to take advantage of Weir’s presence in more than 70 countries, bringing our valves technology to customers all over the world.  We see significant opportunities ahead in what remain long-term growth markets.”

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