Weir Finalizes Acquisition of Trio Engineered Companies for $220 million
Founded in Glasgow, Scotland, the Weir Group is one of the world’s leading engineering businesses. Its customer base includes mining houses, major oil services businesses and nuclear and conventional power generation companies.
The company finalized its acquisition of Trio Engineered Companies at the end of last month for $220 million. Trio, a Chinese-American manufacturer of crushing and separation equipment for the mining and aggregates markets, will further strengthen Weir’s recent successful entry into the adjacent segment of the mill circuit.
This acquisition will enable Weir to provide a more complete product and service offering to existing mining customers, leverage Trio’s cost effective manufacturing platform, and capture a greater proportion of the aftermarket opportunity from the installed base of Trio equipment. In 2014, Trio is expected to generate revenues of $120 million with operating profit margins broadly in-line with Weir’s Minerals division.
“This agreement will allow Weir Minerals to build upon its successful comminution strategy,” says Keith Cochrane, Chief Executive of the Weir Group. “We’ll use our Group’s unrivalled global capability to promote Trio’s range of complementary products, extending our addressable market and offering our mining customers a wider range of highly engineered equipment and services. Trio’s established manufacturing capability and its scale and presence in aggregates markets also provides a further platform for growth.”
Source: Weir Group