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| Name | Symbol | Market | Type |
|---|---|---|---|
| Weir Group PLC (PK) | USOTC:WEGRY | OTCMarkets | Depository Receipt |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 13.415 | 12.60 | 13.47 | 40 | 21:06:11 |
From Jun 2019 to Jun 2024
By Jaime Llinares Taboada
Weir Group PLC said Monday that it has agreed to sell its oil-and-gas business to Caterpillar Inc. for $405 million.
The FTSE 250 engineering company said the deal follows its strategy of becoming a pure mining technology company. The proceeds will be used to reduce leverage.
"Alongside the previous sale of the flow control division and the acquisition of ESCO, it is a major milestone in transforming the group into a focused, premium mining technology business," Chief Executive Jon Stanton said.
Weir's oil-and-gas business contributed an adjusted operating profit of 36.4 million pounds ($47.1 million) in 2019, and an adjusted operating loss of GBP4.4 million in the first half of 2020.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT
(END) Dow Jones Newswires
October 05, 2020 02:34 ET (06:34 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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