Weir buys Korean valves partner

22nd Jun 2011 08:57

Scottish engineer Weir is extending its global reach with the acquisition of a majority interest in a South Korean valves business.Weir has agreed to acquire 60% of a new Korean company, Weir International, into which the the valves business formerly operated by HIM Tech has been transferred.The acquired business is located in Ansan, near Seoul, and is engaged in the design and manufacture of control and choke valves for severe service power generation and oil & gas applications.In 2010, the HIM Tech valves business recorded sales of $10.5m. The book value of the gross assets of the HIM Tech valves business at 31 December was$1.8m."The team at HIM Tech, led by Heang Hoon Cho, are already well known to us as trading partners," said Weir's chief executive, Keith Cochrane. "In recent months we have been collaborating on a number of initiatives which we expect will generate new orders for our global valves business," Cochrane added.No details were provided of the price of the acquisition.At 8:44am (22/6/11) the share price of Weir was down 14.44p at 2040p.--jh