Weir Group

Last updated

The Weir Group PLC
Company type Public
Industry Engineering
Founded1871
Headquarters Glasgow, Scotland, UK
Key people
Charles Berry, (Chairman)
Jon Stanton, (CEO)
William Weir, 3rd Viscount Weir, (Former Chairman)
RevenueIncrease2.svg £2,636.0 million (2023) [1]
Increase2.svg £458.8 million (2023) [1]
Increase2.svg £228.6 million (2023) [1]
Number of employees
11,000 (2024) [2]
Website www.global.weir

The Weir Group plc is a Scottish multinational engineering company headquartered in Glasgow, Scotland. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

Contents

History

Weir boiler feedwater pump Weir boiler feed water pump.jpg
Weir boiler feedwater pump

The company was established in 1871 as an engineering firm by two brothers, George and James Weir, founding G. & J. Weir Ltd. [3] The Weir brothers produced numerous groundbreaking inventions in pumping equipment, primarily for the Clyde shipyards and the steam ships built there. These pumps became extremely well known for their use as boiler feedwater pumps, and for ship's auxiliary equipment such as evaporators. [4]

Under W D Weir, the company turned to producing munitions and war materiel in the First World War. As well as shells, they manufactured aircraft including the Royal Aircraft Factory F.E.2 fighter and bomber. [5] James George Weir (aviator, son of James Galloway Weir) a director of the company formed the Cierva Autogiro Company. G & J Weir would be a financial supporter of the company during its existence. [6] In 1943, they provided the finances for the construction of the W.9, an experimental helicopter, to Air Ministry requirements. [7]

The company was first listed on the London Stock Exchange in 1946. [3] Double-acting Weir steam pumps were virtually standard fitment on British-built steamships, being used for pumping water, fuel, air and much else well into the 1950s, as well as being used on other ships worldwide. [8] In December 1968 the Weir Group made an offer to buy the rival British pump manufacturer Worthington-Simpson, following an offer by Studebaker-Worthington. [9] In 1969 Studebaker-Worthington acquired Worthington-Simpson. [10] After some negotiation, Weir's acquired 50% of Worthington Simpson. [11] A new joint-venture company named Worthington Weir was set up to handle international sales of the two parent companies. [12]

The debt taken on by Weir to acquire their share of Worthington-Simpson was denominated in Deutsche Marks, and as that currency strengthened against sterling and the dollar it became increasingly expensive to service. [13] Worthington-Simpson was profitable, but did not cover the cost of debt. [14] During the next decade Weir was forced to sell off many assets and undertook financial reorganization in 1981. [15] After the financial reorganization, Derald Ruttenberg and Jacob Rothschild gained effective control of 40% of the company. Ruttenberg became a board member. [16] At the reorganization, the 3rd Viscount Weir, who had been chairman since 1972, stepped down to vice chairman, but Lord Weir regained the chairmanship in 1983 and served until 1999. [17]

In 1989, the company acquired Hopkinsons, an Huddersfield-based company manufacturing valves and controls. [18] [19]

21st century

First Minister of Scotland Alex Salmond visiting a Weir facility in Dubai in 2011 First Minister meets employees at Weir Oil and Gas in Dubai (6305733354).jpg
First Minister of Scotland Alex Salmond visiting a Weir facility in Dubai in 2011

In July 2005, Weir sold its desalination and water treatment businesses, (Weir Westgarth, Weir Entropie and Weir Envig) to Veolia Water Systems, part of the water division of Veolia Environnement: Weir Westgarth had been a pioneer of the multi-stage flash distillation process used predominantly to produce desalinated water from seawater. [21]

In May 2007, the company sold its Glasgow-based business Weir Pumps to Jim McColl's Clyde Blowers plc, with the pump company subsequently being renamed to Clyde Pumps Ltd. [22]

In February 2015 the company issued a profit warning predicting significant losses; the U.S. shale market had experienced a contraction, and the company had to reduce its workforce by approximately 650. [23]

In October 2020, the company sold their oil and gas division to Caterpillar Inc. for $405 million, having already previously sold their flow control division in 2019. [24] [25]

Acquisitions
TransactionDate
Purchased Pompe Gabbioneta, an Italian pump manufacturer for £69m in 2005. [26] 2005
In 2007 Weir acquired SPM Flow Control, Inc for US$653 million (£328 million). SPM manufactures high-pressure well service pumps

and related flow control equipment [27]

2007
Acquired African pumps business, CH Warman Pump Group for $231m (£113m) [28] 2007
Acquired Mesa Manufacturing Inc, the Texan based pump manufacturer for $40m [29] 2008
Bought Malaysia-based Linatex for £138m [30] 2010
Agreed to acquire Indian valves manufacturing business, BDK Engineering Industries, Hubli [31] 2010
In November, 2010, Company announced acquisition of American Hydro Corporation, which makes turbines for hydro-electric power stations. [32] 2010
In November 2010 Weir and Shengli Oilfield Highland Petroleum Equipment Co. announced the formation of a joint venture to provide

high-pressure well service pumps and related flow control equipment to the developing shale gas industry in China. [33]

2010
Agreed to acquire a 60% interest in the South Korean valves business formerly operated by HIM Tech Co Ltd. [34] 2011
Purchased Seaboard Holdings Inc a Houston-based wellhead solutions provider for US$675m (£431m) [35] 2011
Purchased KOP Surface Products, a Singapore provider of advanced pressure control wellhead technologies, systems and services for an enterprise value of US $114m [36] 2017
Purchased ESCO Corporation, a Portland-based global leader in ground engaging tools for mining and construction markets for an enterprise value of US $1.285 billion [37] 2018
Purchased Motion Metrics, a leading Canada-based global mining technology business, for an initial consideration of US $119m [38] 2021

In December 2010, Weir pleaded guilty to breaching UN sanctions on Iraq between 2000 and 2002. Judge Lord Carloway of The High Court in Edinburgh fined the company £3m along with a confiscation order of £13.9m. [39]

In 2011, the company, since renamed Clyde Union Pumps, was sold to the SPX Corporation for £750 million. [40] The business suffered heavy financial losses in the subsequent years and had to make staff redundant as the result of a long-term global downtown in the oil and gas sector. [41]

In October 2020, the oil and gas division of the company was sold to Caterpillar Inc. for $405 million, following the sale of the company's flow control division in February 2019 to First Reserve. [42]

GEHO pump assembly

People

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References

  1. 1 2 3 "Annual Results 2023" (PDF). Weir Group. Retrieved 29 February 2024.
  2. ↑ "About Weir". Weir Group. Retrieved 12 February 2024.
  3. 1 2 "Weir Group: Fact Sheet". Archived from the original on 21 September 2003. Retrieved 1 November 2008.
  4. ↑ Weir's Boiler-feeding Specialties: Patent, Feed-water Heaters, Direct-acting Feed Pumps, Evaporators, Etc, catalogue, 1904
  5. ↑ Miller, James F (2014). FE 2b/d vs Albatros Scouts: Western Front 1916-17. Osprey. p. 13. ISBN   978-1780963259.[ permanent dead link ]
  6. ↑ "The Auto-Gyro. English Company Formed". News. The Times. No. 44232. London. 29 March 1926. col c, p. 21.
  7. ↑ "Cierva", Flight: 340, 17 April 1947
  8. ↑ Sennett, Richard; Oram, Henry (1899). Marine Steam Engines. Sagwan Press. p. 389. ISBN   978-1297921469.
  9. ↑ Weir 2008, p. 84.
  10. ↑ A History of Excellence: Flowserve.
  11. ↑ Weir 2008, p. 86.
  12. ↑ Worthington Simpson: Grace's Guide.
  13. ↑ Weir 2008, p. 110.
  14. ↑ Weir 2008, p. 111.
  15. ↑ Weir 2008, p. xvii.
  16. ↑ Weir 2008, pp. 144–145.
  17. ↑ Who's Who, 1985 edition page 2029 and 2009 edition page 2457
  18. ↑ "Hopkinsons". www.gracesguide.co.uk. Retrieved 17 July 2016.
  19. ↑ "Weir Valves & Controls UK Ltd.: Private Company Information - Businessweek". www.bloomberg.com. Retrieved 17 July 2016.
  20. ↑ "Weir Group to invest £4m in Dubai base". BBC News. 2 November 2011. Retrieved 1 November 2021.
  21. ↑ Weir Group to sell water treatment businesses to Veolia
  22. ↑ "BBC NEWS - UK - Scotland - Glasgow and West - Former apprentice buys Weir pumps". bbc.co.uk. Retrieved 21 March 2015.
  23. ↑ Williams-Grut, Oscar (25 February 2015). "Weir tumbles on oil woes but fails to floor FTSE". London Evening Standard . p. 41.
  24. ↑ "Weir agrees sale of flow control division for £275m". 25 February 2019.
  25. ↑ "Caterpillar to acquire Weir Oil & Gas in $405 million cash deal". 6 October 2020.
  26. ↑ Weir splashes out in oil takeover
  27. ↑ Weir to buy SPM Flow Control for $653 million Archived 12 July 2012 at archive.today Market Watch, 21 June 2007
  28. ↑ Pump Purchase [ permanent dead link ] The Engineer, 4 December 2007
  29. ↑ Weir Group buys Mesa Manufacturing Growth Business, 24 June 2008
  30. ↑ Weir to buy Malaysian Linatex Group for $172.5 million; sees higher H2 profit [ permanent dead link ] International Business Times, 14 June 2010
  31. ↑ UK-based Weir Group buys BDK Engineering's valve biz Press Trust of India, 2 September 2010
  32. ↑ "Weir Group acquires American hydro firm". Added Latest acquisition. BBC. 18 November 2010. Retrieved 19 November 2010.
  33. ↑ Weir and Shengli announces joint venture to provide services to gas industry China Greentech Initiative, 25 November 2010
  34. ↑ Weir Group acquires South Korean valves business BBC, 22 June 2011
  35. ↑ Weir buys US firm in £431m deal BBC, 23 November 2011
  36. ↑ "StackPath". Global.weir. Retrieved 20 March 2019.
  37. ↑ "ESCO Corporation to Join Leading Global Engineering Company Weir" (Press release). Global News Wire. 19 April 2018.
  38. ↑ "Weir to acquire AI, machine vision leader Motion Metrics". Mining.com. 8 November 2021.
  39. ↑ "Weir Group fined £3m over Saddam sanctions breaches". BBC News. 15 December 2010.
  40. ↑ "Businessman Jim McColl sells Clyde Union Pumps for £750m". BBC News . 25 August 2011. Retrieved 29 March 2018.
  41. ↑ "Jobs go at Clyde Union as engineer posts heavy losses". The Herald . 7 November 2017. Retrieved 6 April 2018.
  42. ↑ "Weir Group to sell oil & gas division to Caterpillar, shares surge". Reuters . 5 October 2020.

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