Weir Group PLC Weir acquires Carriere Industrial Supply (8736H)
11 Avril 2022 - 8:01AM
UK Regulatory
TIDMWEIR
RNS Number : 8736H
Weir Group PLC
11 April 2022
Press Release
11 April 2022
Weir acquires Carriere Industrial Supply
The Weir Group announces that it has completed the acquisition
of Carriere Industrial Supply Limited (CIS), a premier manufacturer
and distributor of highly engineered wear parts and aftermarket
service provider to the Canadian mining industry. Its products,
which include mining buckets and lip systems, help customers
increase productivity through reduced downtime and improved safety.
The enterprise value for the transaction was GBP20m(1) , subject to
customary working capital and net debt adjustments. The
consideration was paid in cash at closing.
Transaction highlights:
-- Builds on long relationship with CIS acting as ESCO distributor
in Eastern Canada for many years.
-- Delivers on ESCO's strategy to have direct sales channels
in major mining markets.
-- Increases ESCO's capability in underground hard rock mining
applications.
-- Attractive commodity exposure; CIS has strong presence on
gold mines and is located close to deposits of nickel and
lithium.
CIS joins the ESCO Division. The acquisition will be earnings
and margin accretive in year one with returns expected to exceed
the Group's cost of capital in the first full year of
ownership.
Commenting, Andrew Neilson, President of Weir's ESCO Division
said:
"The acquisition of CIS aligns with our strategy of providing
direct sales and service to our mining customers and builds on our
longstanding partnership, while also enhancing our capabilities in
underground hard rock mining applications."
Notes:
1. Exchange rate of GBP1 = CAD$1.6399 at closing in London on 8
April 2022.
Enquiries:
Investors: Edward Pears +44 (0) 141 308 3725
Media: Citigate Dewe Rogerson: +44 (0) 207 638 9571
Kevin Smith Weir@citigatedewerogerson.com
About The Weir Group PLC
Founded in 1871, The Weir Group PLC is one of the world's
leading engineering businesses with a purpose to make its mining
and infrastructure customers' operations more sustainable and
efficient. Weir's highly engineered technology enables critical
resources to be produced using less energy, water and waste while
reducing customers' total cost of ownership. 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. The
Group has c.11,000 employees operating in over 60 countries with a
presence in every major mining region of the world. Find out more
at www.global.weir.
Weir's ordinary shares trade on the London Stock Exchange
(ticker: WEIR LN) and its American Depositary Receipts trade
over-the-counter in the USA (ticker: WEGRY).
About Carriere Industrial Supply Limited
Founded in 1964, CIS is a leader in providing cost effective
engineered wear products, services and solutions to the mining
industry, with a focus on underground mining processes. Its product
lines include surface and underground mining buckets, haul truck
bodies, wear liners and lip systems. The Company is headquartered
in Greater Sudbury, Ontario and operates with over 135 employees
with a growing branch location in Quebec. Find out more at
www.carriereindustrial.com.
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END
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