Weir Minerals, a division of the Weir Group, is set to acquire Delta Industrial Valves for an enterprise value of up to US$47 million. US$37 million will be payable on completion of the acquisition and US$10 million will be paid over the next 18 months, depending on the business reaching certain profit growth targets.
This acquisition will expand the division’s portfolio of valve products, particularly knife-gate valves for the use in the transportation of slurry.
Keith Cochrane, CEO of Weir Group, said: “Weir is a global leader in process critical products in the mining and oil sands markets and the acquisition of Delta further strengthens our comprehensive offering to customers. Delta’s strong brand and reputation, together with Weir’s global capability, mean we will be able to offer our customers new ways to increase efficiency at a time when the industry is focused on reducing costs and increasing productivity.”
Mark Johnson, Vice-President of Delta, commented: “We are delighted that Delta will be joining one of the world’s leading engineering businesses. Delta will be able to take advantage of Weir’s presence in more than 70 countries, bringing our valves technology to customers all over the world. We see significant opportunities ahead in what remain long-term growth markets."
Edited from Press Release by Harleigh Hobbs