The Weir Group plc has completed the acquisition of ESCO Corp, a global leader in surface mining ground engaging tools (GET) for an estimated enterprise value of US$1285 million.
Weir Group CEO Jon Stanton said: “I am delighted that ESCO has formally become part of the Weir Group. ESCO brings a strong global leadership position and adds another premium brand to our portfolio of market-leading products and services.”
ESCO will operate as a new division of the Weir Group, and will be reported as a separate segment alongside Minerals and Oil & Gas. With Weir Group intending to sell its Flow Control Division, the results of that division will now be reported as discontinued operations.
Jon Owens, formerly president and chief operating officer of ESCO Corp, will lead ESCO as division president. Owens has joined Weir’s Group Executive and become a Person Discharging Managerial Responsibilities (PDMR).
Cal Collins, the former chairman and CEO of ESCO Corp, has joined the Weir Group plc board as a non-executive director and PDMR.