A globally leading manufacturer of engineering and heavy equipment and industrial applications has been acquired for over one billion dollars.
Weir Group announced this week that it had completed the $1.3 billion acquisition of the Oregon based ESCO Corporation.
Orginallu announced back in April 2018, the deal will see ESCO continue to operate as a mew division of the Weir Group.
ESCO is the worlds leading provider of ground engaging tools for surface mining and infrastructure and will be led by Division President Jon Owens, formerly President and COO of ESCO Corporation.
Weir Group CEO Jon Stanton said:
“I am delighted that ESCO has formally become part of the Weir Group. ESCO brings a strong global leadership position and adds another premium brand to our portfolio of market-leading products and services.
As mining markets continue to grow customers are focused on increasing production sustainably and efficiently. ESCO’s premier position in surface mining complements our established leadership in materials processing, meaning together the Group has a unique range of mission critical solutions from extraction to concentration, built on proprietary technology, superior wear life and supported by an unrivalled service network.”