LONDON (dpa-AFX) - British engineering business Weir Group Plc (WEIR.L) Monday announced its agreement to sell its unit Weir Flow Control or WFC to private equity investment firm First Reserve for 275 million pounds.
The transaction is expected to close in the second quarter of 2019, subject to certain antitrust approvals and other customary closing conditions.
WFC is a manufacturer and aftermarket services provider of engineered valves and pumps used in energy and broader industrial applications.
Jon Stanton, Weir CEO, said, 'aThe decision to sell Flow Control is part of Weir's recent portfolio transformation which focuses the Group on where we can maximise long-term value, building on our strong global leadership positions in mining and upstream oil and gas markets.'
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