26th Mar 2007 14:10
Weir Group PLC26 March 2007 Statement re. Weir Pumps business Due to our inability to agree terms, it is announced that The Weir Group PLC andSulzer AG have terminated their discussions in connection with the sale of theGlasgow based business unit of Weir Pumps to Sulzer. A number of options relative to the future plans for Weir Pumps will beconsidered over the next few weeks. The most probable outcome is an investmentin a dedicated facility located in Glasgow to manufacture spares for Weir'sglobal markets. As outlined prior to the approach from Sulzer, this proposal would result in theproceeds from the disposal of the Cathcart site of approximately £25m beingreinvested in the continuing operations of Weir Pumps and to fund the alreadyannounced retention and redundancy programmes. Contact details:The Weir Group PLCAlan Mitchelson, Corporate Services Director Tel. 0141 637 7111 (switchboard);Helen Walker, Public Relations Manager Tel. 0141 308 3739 (Mobile: 07789 032296)Maitland Tel. 020 7379 5151Suzanne Bartch (Mobile: 07769 710 335)Peter Ogden This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Weir Group