1st Feb 2019 06:57
LONDON (Alliance News) - Engineering firm Weir Group PLC is expected to sell off its Flow Control unit within the next few weeks, Sky News reported on Thursday.
Sky said US private equity firm First Reserve Management is among several bidders for the FTSE 250 group's unit, which supplies pumps and valves to the energy and power sectors.
Sky said at least one other financial investor was competing to acquire the business from Weir.
https://news.sky.com/story/first-reserve-digs-deep-for-300m-weir-arm-11623512
In the third quarter of 2018, Weir formally initiated the process to sell the Flow Control division, after saying in April it intended to sell the business to focus on its main minerals and oil & gas assets.
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