By IB Times Staff Reporter: Subscribe to IB's RSS feed
September 2, 2010 7:58 AM EDT
Glasgow-based international engineering group The Weir Group Plc on Thursday agreed to buy the valves business of BDK Engineering Industries Limited, a family-owned business based in the south Indian city of Hubli.
No financial details of the deal were disclosed.
The company expects the acquisition to be completed by early October subject to tax clearance.
BDK, which manufactures valves for the oil and gas, petrochemical and power markets, generated sales of 20.9 million pounds or 1.52 billion rupees with gross assets of 16.7 million pounds or 1.22 billion pounds for the year to March 31, 2010.
"This acquisition further strengthens our emerging market footprint. BDK's range of valves will enhance our global customer offering and its Indian sales network will provide an additional route to market for many of our existing products," said chief executive Keith Cochrane in a statement.
Like us on Facebook
Currently, Weir India, which employs 350 people, has two main operations in Bangalore serving the Minerals and Power & Industrial markets with a significant engineering shared service capability providing engineering support to many Weir companies globally.
"My family has developed BDK over the last 30 years into an internationally recognised valves manufacturer. We are pleased to entrust the next stage in the growth of the business to an engineering group of Weir's global standing. We are convinced that this is an excellent outcome for customers and employees. My sons and I look forward to continuing to play our roles in ensuring a smooth transition, " said Bharat Khimji, founder of BDK, in a statement.
Shares of Weir Group closed flat at 1,267 pence on Wednesday on the London Stock Exchange.
Can Chocolate Cake for Breakfast Diet Help You Lose Weight?A new study by Tel Aviv University found that eating a slice of chocolate cake as part of a balanced breakfast actually helped die...
Moody's cuts ratings on Italy, Portugal and Spain, Warns UK, France and Austria: Is it Time for a Reality Check?Moody’s has cut the debt ratings of Italy, Spain and Portugal and put France, UK and Austria on warning, saying they were increasingly vulnerable to the eurozone crisis.
Boeing Dreamliner Hurdles New Production Hiccup, Flags Higher Output by 2014Boeing admitted this week that yet another issue hit its Dreamliner production line but one high-ranking executive has assured that no more delays will hamper its delivery calendar in the current year.
We value your privacy. Your email address will not be shared.
