The Weir Group PLC has entered into an agreement to sell its Flow Control division to First Reserve, a global private equity investment firm focused exclusively on energy, for an Enterprise Value of approximately $366 million, payable in cash and subject to customary working capital and debt-like adjustments at closing. The transaction remains subject to certain regulatory and other approvals, with completion expected in Q2 2019.

The plan to sell the division was first announced on April 19, 2018 alongside the acquisition of ESCO, which further strengthened Weir’s leadership position in global mining markets. Once this transaction completes, on a pro forma basis, more than 80% of Weir’s revenues will be from attractive aftermarket-intensive mining and upstream oil and gas markets. 

This week VMA welcomed alliantgroup as our newest associate member (supplier). This is our fifth new member of 2019 so far.

alliantgroup’s mission is to strengthen American businesses by helping U.S. companies and the CPA firms that advise them to take full advantage of federal and state tax credits, incentives, and deductions that are available to them.   

This week VMA welcomed The Eagle Group as our newest associate member (supplier). This is our fourth new member of 2019 so far.

The Eagle Group, which consists of four separately run companies, was one of the first foundries in the country to utilize methane gas from a local landfill instead of natural gas to power its facility. They were also one of the first to incorporate solidification simulation to predict casting defects. 

Flowserve has decided to keep its global headquarters in Irving, TX after extending its long-term lease at The Towers at Williams Square. “As part of an incentive deal with the city of Irving, Flowserve will receive $155,000 in job grants for retention of 310 positions and will be eligible for up to $150,000 to hire 75 additional employees at an average wage of $275,000,” the Dallas Business Journal reports.