Glasgow pumps group Weir acquired Australian pumps company Warman in a £195m deal this week, making it Weir’s largest acquisition to date and increasing core pump sales by 40% to around £500m.
It is also the first major deal by the new management team of Sir Ron Garrick and ex-Scottish Power chief Duncan Whyte since the pair took control of Weir in January, following the retirement of Lord Weir. Their aim is to double the size of Weir’s engineering services arm.
Warman derives 50%-60% of its sales from spare parts and engineering services. Last year, the company achieved a turnover of £168m and an operating profit of £16.7m.
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