Weir Strengthens Global Valves Business with Acquisition in Korea
Thursday, June 23, 2011
The Weir Group PLC has agreed to acquire a majority interest
in the South Korean valves business formerly operated by HIM Tech Co Ltd ("HIM
Tech”).
Located in Ansan, near Seoul, the business designs and
manufactures control and choke valves for severe service power generation and
oil & gas applications. As well as domestic customers, its products are
supplied to major South Korean engineering contractors for international
projects. In the year to 31 December 2010, HIM Tech’s valves business recorded
sales of $10.5m.
Weir has agreed to acquire 60% of a new Korean company, Weir
International, into which the HIM Tech valves business has been transferred.
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