{"id":3115,"date":"2018-07-12T08:24:46","date_gmt":"2018-07-11T22:24:46","guid":{"rendered":"http:\/\/yinghuiinternational.com\/?p=3115"},"modified":"2018-07-13T08:27:32","modified_gmt":"2018-07-12T22:27:32","slug":"weir-completes-acquisition-of-esco-corp","status":"publish","type":"post","link":"https:\/\/yinghuiinternational.com\/index.php\/2018\/07\/12\/weir-completes-acquisition-of-esco-corp\/","title":{"rendered":"Weir completes acquisition of ESCO Corp"},"content":{"rendered":"
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The Weir Group has completed the acquisition of ESCO Corp, the world\u2019s leading provider of ground engaging tools for surface mining and infrastructure markets<\/strong>, for an enterprise value of $1,285 million.\u00a0 It follows regulatory clearance for the transaction, which was first announced on 19 April 2018.<\/p>\n

Commenting, Weir Group Chief Executive Jon Stanton said:\u201cWe are delighted to formally welcome ESCO to Weir.\u00a0 It is a great brand that is respected throughout the world for its quality, performance and reliability.\u00a0 ESCO\u2019s 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.\u201d<\/p>\n

Current ESCO President and Chief Operating Officer Jon Owens will continue to lead the business as it becomes a division of the Weir Group.\u00a0 He will also join Weir\u2019s Group Executive committee with immediate effect.<\/p>\n

Owens said: \u201cThis is an exciting day for ESCO and all our people.\u00a0 As part of Weir we can create something that is genuinely unique that will help more customers improve their productivity and safety.\u00a0 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.\u201d<\/p>\n

ESCO has surface mining\u2019s most extensive installed base of lip systems that house short-cycle consumables, such as teeth, shrouds, adaptors, blades and locking systems, with aftermarket sales representing about 90% of ESCO revenues.\u00a0 ESCO\u2019s extraction products sit upstream from Weir\u2019s traditional strength in slurry handling equipment with market leading brands including both Warman\u00ae and GEHO\u00ae pumps, Cavex\u00ae hydrocyclones and Linatex\u00ae rubber products.<\/p>\n

ESCO was founded in Portland, Oregon, in 1913 and currently employs around 2,600 people with operations in 19 countries.\u00a0 In 2017 it generated revenues of $632 million.<\/p>\n

Ricardo Garib, Division President of Weir Minerals, said the combination would be beneficial to customers around the world: \u201cIt is great to welcome ESCO to Weir.\u00a0 They are a business we have admired for some time.\u00a0 By working together we\u2019ll be able to give customers easier access to more market-leading products and services.\u00a0 With our global network of over 100 service centres, that means customers will have more of the superior solutions they require, where and when they need them.\u201d<\/p>\n

Joe Weber, Vice President of Global Sales for Weir\u2019s ESCO division agreed: \u201cAs mining markets grow customers are looking for partners they can trust to help them increase productivity and safety while also lowering their total cost of ownership.\u00a0 That requires a relentless focus on innovation, quality and close customer proximity, which are the hallmarks of the ESCO\u00ae brand.<\/p>\n

\u201cAs part of Weir we\u2019ll benefit from combining some of the world\u2019s leading materials scientists, applications engineers and developing digital technology to deliver increased innovation in the future, ensuring ESCO remains surface mining\u2019s preferred provider of ground engaging solutions.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Weir Group has completed the acquisition of ESCO Corp, the world\u2019s leading provider of ground engaging tools for surface mining and infrastructure markets, for an enterprise value of $1,285 million.\u00a0 It follows regulatory clearance for the transaction, which was first announced on 19 April 2018. Commenting, Weir Group Chief Executive Jon Stanton said:\u201cWe are … Continue reading “Weir completes acquisition of ESCO Corp”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6,7],"tags":[],"class_list":["post-3115","post","type-post","status-publish","format-standard","hentry","category-mines-and-quarry","category-news"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p83F9T-Of","jetpack-related-posts":[{"id":2894,"url":"https:\/\/yinghuiinternational.com\/index.php\/2018\/04\/23\/weir-to-acquire-esco-for-us1-28bn\/","url_meta":{"origin":3115,"position":0},"title":"Weir to acquire ESCO for $US1.28bn","author":"yinghui","date":"April 23, 2018","format":false,"excerpt":"Weir has entered into an agreement to purchase US ground engaging tools (GET) specialist ESCO for $US1.28 billion ($1.67 billion). 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