22nd Dec 2020 09:16
(Alliance News) - Mining technology company Weir Group PLC on Tuesday said the sale of its oil & gas division to Caterpillar Inc is expected to close in the first quarter of 2021.
In early October, Glasgow-based Weir agreed to sell its entire oil & gas division to Deerfield, Illinois-based construction machinery firm Caterpillar for a USD405 million enterprise value, saying proceeds from the sale would be used to reduce the company's leverage
On Tuesday, Weir noted that while a majority of regulatory clearances have now been received, a small number of approvals remain outstanding, with the timing of some standard processes being delayed by Covid-19 restrictions.
The FTSE 250-listed shares in Weir were trading 0.1% lower at 1,940.00 pence each on Tuesday morning in London.
By Ife Taiwo; [email protected]
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