LONDON, UK: The Weir Group has accomplished the acquisition of Carriere Industrial Supply Limited (CIS), a premier producer and distributor of extremely engineered put on parts and aftermarket service supplier to the Canadian mining industry.
Its products, which include mining buckets and lip systems, assist customers increase productiveness through reduced downtime and improved safety. The enterprise worth for the transaction was £20m1, topic to customary working capital and net debt adjustments. The consideration was paid in money at closing.
Carriere Industrial Supply Limited (CIS) joins the ESCO Division. The acquisition will be earnings and margin accretive in year one with returns anticipated to exceed the Group’s cost of capital within the primary full year of ownership.
Commenting, Andrew Neilson, President of Weir’s ESCO Division said: “The acquisition of CIS aligns with our technique of offering direct gross sales and repair to our mining customers and builds on our longstanding partnership, whereas additionally enhancing our capabilities in underground hard rock mining applications.”
Founded in 1964, CIS is a chief in offering cost efficient engineered put on products, services and options to the mining industry, with a spotlight on underground mining processes. Its product lines include floor and underground mining buckets, haul truck bodies, put on liners and lip systems. The Company is headquartered in Greater Sudbury, Ontario and operates with over 135 employees with a rising department location in Quebec. www.carriereindustrial.com
Founded in 1871, The Weir Group PLC is one of many world’s main engineering companies with a purpose to make its mining and infrastructure customers’ operations extra sustainable and efficient. Weir’s extremely engineered technology enables critical resources to be produced utilizing much less energy, water and waste whereas reducing customers’ total cost of ownership.
The Group is ideally positioned to profit from structural trends that support long-term demand for its technology together with the necessity for extra important metals to support financial development and carbon transition. The Group has c.11,000 employees working in over 60 countries with a presence in each main mining area of the world. www.global.weir