LONDON (dpa-AFX) - Weir Group PLC (WEIR.L) said it completed the sale of its Oil & Gas division to Caterpillar Inc. for an enterprise value of $405 million.
The sale, which is subject to customary working capital and debt-like adjustments, was first announced on October 5, 2020 and approved by Weir Shareholders on November 23, 2020.
Further, the company stated that the cash proceeds from the sale of the division, subject to customary working capital and debt-like adjustments, will be split between $375 million received from Caterpillar Inc. and $30 million to be received on completion of the sale of AMCO, which is expected to occur in the first half of this year.
The Weir Group CEO Jon Stanton said, 'The sale delivers a great new home for the business and its people, and enables Weir to fully focus on our role as a provider of premium technology to global mining and infrastructure markets.'
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