Weir finalises £275m sale of flow control division

The Weir Group has completed the sale of its flow control division to First Reserve, it confirmed on Monday.

It said the sale was for an enterprise value of £275m, which was subject to customary working capital and debt-like adjustments.

The FTSE 250 company first announced the deal on 25 February, with completion occurring on 28 June.

“The sale of the flow control division marks an important step in successfully delivering our strategy,” said group chief executive officer Jon Stanton.

“It means Weir is now a more focused business with strong positions in premium upstream mining and oil and gas markets around the world.

“On behalf of everyone at Weir I would like to thank David Paradis and the flow control team for their longstanding contribution to the group and we wish them every success in the future.”