Weir Group PLC Weir Oil & Gas sale expected to complete Q1 2021 (4437J)
22 Diciembre 2020 - 1:00AM
UK Regulatory
TIDMWEIR
RNS Number : 4437J
Weir Group PLC
22 December 2020
Sale of Weir Oil & Gas division expected to complete in Q1
2021
The proposed sale of Weir's Oil & Gas division to
Caterpillar Inc. is now expected to close in the first quarter of
2021.
As previously announced, completion of the transaction by the
end of this year was dependent on the receipt of all regulatory
clearances. While the majority of these clearances have been
received, including those from the United States, a small number
remain outstanding, with the timing of some standard processes
being delayed by Covid-19 restrictions.
An agreement to sell the Oil & Gas division to Caterpillar
for an enterprise value of $405m, subject to customary
working capital and net-debt adjustments, was announced on 5
October 2020. The proposed sale was approved by shareholders in a
general meeting on 23 November 2020, with 99.97% of the shares
voted being in favour of the transaction. Weir Oil & Gas has
been reported under discontinued operations since the sale
agreement was announced.
About The Weir Group PLC
Founded in 1871, The Weir Group PLC is a premium mining
technology business whose purpose is to make customers' operations
more sustainable and efficient. The Group is ideally positioned to
benefit from structural trends that support long-term demand for
its technology including the need for more essential metals to
support economic development and carbon transition. Weir's highly
engineered technology enables these critical resources to be
produced using less energy, water and waste - reducing customers'
total cost of ownership. The Group has c.13,000 employees in over
60 countries.
Enquiries:
Investors: Stephen Christie +44 (0) 141 308 3707
Media: Chris Barrie / Kevin +44 (0) 207 638 9571
Smith at Citigate Dewe Rogerson Weir@citigatedewerogerson.com
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