Weir buys Canada’s Carriere Industrial Supply

Glasgow-based global engineering and mining giant Weir Group announced it has completed the acquisition of Carriere Industrial Supply Limited (CIS), a manufacturer and distributor of highly engineered wear parts and aftermarket service provider to the Canadian mining industry.

“Its products, which include mining buckets and lip systems, help customers increase productivity through reduced downtime and improved safety,” said Weir.

“The enterprise value for the transaction was £20 million, subject to customary working capital and net debt adjustments.

“The consideration was paid in cash at closing.

“CIS joins Weir’s ESCO Division.

“The acquisition will be earnings and margin accretive in year one with returns expected to exceed the group’s cost of capital in the first full year of ownership.”

Andrew Neilson, President of Weir’s ESCO Division, said: “The acquisition of CIS aligns with our strategy of providing direct sales and service to our mining customers and builds on our longstanding partnership, while also enhancing our capabilities in underground hard rock mining applications.”