11th Nov 2025 09:32
(Alliance News) - Weir Group PLC on Tuesday said it has completed the acquisition of a Brazilian software provider focused on the mining sector.
The Glasgow-based engineering firm had announced the planned purchase back in September. It has since closed its takeover of Fast2Mine Tecnologia e Desenvolvimento de Sistemas Ltda, a Belo Horizonte, Brazil-based company offering mine management software.
Weir plans to integrate Fast2Mine within its Micromine business, with results reported under the ESCO division.
It has not disclosed financial details of the deal, but said it does not impact its annual targets for revenue, operating profit or leverage.
Weir reinforced that its ratio of net debt to earnings before interest, tax, depreciation and amortisation is expected to be "below 2x" by the end of December. It was 2.0x at the end of June, with Weir suggesting in its half-year report that the metric will "return toward our guidance range" of 0.5x to 1.5x by the end of 2026.
Chief Executive Officer Jon Stanton commented: "Fast2Mine's software is highly complementary with the Micromine portfolio, particularly the Alastri open pit mine planning and Pitram underground mine management solutions, and we are very excited by the opportunity to further accelerate our strategy to provide leading software solutions to the mining industry.
Fast2Mine will accelerate our expansion in the mining software market in South America, providing a strong and immediate presence in the region, and offers a significant opportunity for growth internationally."
Weir is due to host a capital markets event on December 3. Its shares edged up 0.6% to 2,922.00 pence on Tuesday morning in London.
By Holly Munks, Alliance News reporter
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