7th Jul 2015 07:01
LONDON (Alliance News) - FTSE 100-listed engineer Weir Group PLC on Tuesday said it has struck a USD47 million deal to acquire Delta Industrial Valves Inc.
Delta is a US-based manufacturer of knife gate valves for the mining, oil sands and other industrial markets.
The consideration will comprise a USD37 million initial consideration, with USD21 million to be paid in cash and USD16 million to be paid in Weir equity. Up to another USD10 million will be paid over the next 18 months based on Delta meeting profit growth targets.
The acquisition will boost Weir Group's presence in the mining and oil sands markets by expanding its valve products portfolio, it said.
By Sam Unsted; [email protected]; @SamUAtAlliance
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