The Weir Group says it has completed the sale of its Flow Control division to First Reserve for an enterprise value of £275 million ($343 million).
The deal, which was first announced on February 25, completed on June 28, the company confirmed.
The Flow Control division primarily provides highly engineered pumps, valves and other solutions used in power, industrial and downstream oil and gas applications, according to Weir.
Back in February, the company said the sale would effectively strengthen its mining and oil & gas ties: “Once this transaction completes, on a pro forma basis, more than 80% of Weir’s revenues will be from attractive aftermarket-intensive mining and upstream oil and gas markets.”
Weir Group CEO, Jon Stanton, said: “The sale of the Flow Control division marks an important step in successfully delivering our strategy. It means Weir is now a more focused business with strong positions in premium upstream mining and oil and gas markets around the world.”
The £275 million enterprise value price is subject to customary working capital and debt-like adjustments, Weir clarified.