1st Dec 2021 10:32
(Alliance News) - Weir Group PLC on Wednesday completed that acquisition of artificial intelligence for mining firm Motion Metrics for GBP89 million.
Weir shares were up 2.2% to 1,704.00 pence each in London on Wednesday morning.
The Glasgow-based mining, infrastructure and oil & gas engineering firm first announced the acquisition in early November.
Motion Metrics specialises in artificial intelligence and 3D machine vision technology used in mines.
Chief Executive Jon Stanton said: "I am delighted to welcome our colleagues from Motion Metrics to Weir as we combine forces to play a leading role in making mining smarter, more efficient and more sustainable. I am excited by the opportunities this acquisition brings to drive growth and accelerate our journey to include data and insight as a core offering to our customers."
The acquisition was funded through cash and existing banking facilities.
Weir said that the acquisition supports the increased digitisation of the broader Weir product portfolio.
By Greg Roxburgh; [email protected]
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