The Weir Group PLC has completed the acquisition of ESCO Corporation for an enterprise value of US$1,285m. It follows regulatory clearance for the transaction, which was first announced on 19 April 2018.
Commenting, Weir Group Chief Executive Jon Stanton said, "We are delighted to formally welcome ESCO to Weir. It is a great brand that is respected throughout the world for its quality, performance and reliability. ESCO's strength in extraction complements our leadership in the mill circuit, meaning that together we will have a comprehensive offering for mining companies around the world."
Current ESCO President and Chief Operating Officer Jon Owens will continue to lead the business as it becomes a division of the Weir Group. He will also join Weir's Group Executive committee with immediate effect.
ESCO Division President Jon Owens said, "This is an exciting day for ESCO and all our people. As part of Weir we can create something that is genuinely unique that will help more customers improve their productivity and safety. No other mining equipment provider will be able to offer customers market-leading solutions from extraction to concentration supported by a service centre network that covers every major mining region in the world."