Weir has acquired ESCO

Image courtesy of Weir Group

Image courtesy of Weir Group

According to a company press release, the Weir Group has completed the acquisition of ESCO Corporation, following the announcement on 19 April 2018 of an agreement to acquire ESCO, the world’s leading provider of ground engaging tools for surface mining and infrastructure, for an estimated Enterprise Value of $1,285m.
ESCO will operate as a new division of the Weir Group, and will be reported as a separate segment alongside Minerals and Oil & Gas. Following the previous announcement that the Group will initiate a process to sell the Flow Control Division, the results of that division will now be reported as discontinued operations.
ESCO will be led by Division President Jon Owens, formerly President and Chief Operating Officer of ESCO Corporation, who first joined the business in 1986. Jon will join Weir’s Group Executive and become a Person Discharging Managerial Responsibilities with immediate effect.
Cal Collins, formerly Chairman and CEO of ESCO Corporation, will join The Weir Group PLC Board as a Non-Executive Director and PDMR with immediate effect.