Weir Group, the Glasgow-based global mining and engineering FTSE 100 firm, said it agreed to acquire Florida-based businesses Townley Engineering and Manufacturing Co., Inc. and Townley Foundry & Machine Co., Inc.
Weir said Townley is a leading manufacturer of high-quality engineered products for minerals processing and the transaction is being completed for a “sterling equivalent enterprise value of £111m (US$150m).”
Weir said: “The acquisition will strengthen Weir’s market channels and manufacturing footprint in North America, including in the attractive phosphate market, a key mineral in modern fertilisers, essential for global food security and accessibility …”
Weir has 12,000 employees in over 50 countries with a presence in every major mining region of the world.
“Founded in 1963, Townley is a leading provider of mining wear and abrasion solutions with an extensive product range including slurry pumps, dredge pumps, cast foundry products, valves, urethane parts, hoses and rubber linings,” said Weir.
“Townley’s operations, which include a foundry, and urethane and rubber products manufacturing, are based in Ocala, within the phosphate mining region of north central Florida. These operations also serve Townley’s extensive branch service network across the United States, as well as distributor partners in Canada and Central America.
“Townley’s footprint of strategic locations will enhance Weir’s existing North American channels to market and provide access to new customers. Its in-region manufacturing capabilities will enable Weir to drive further localisation and lead-time reduction within North America, aligning strongly with customer needs.”
Weir CEO Jon Stanton said: “The acquisition of Townley will significantly enhance our geographic presence in North America, enabling us to serve customers in the region more effectively and sustainably.
“It enhances our domestic manufacturing platform and strengthens Weir’s position in the attractive market for phosphate, an important mineral in the fertilisers that are needed to support population growth.
“Townley is a highly complementary addition to Weir. We are looking forward to welcoming the team of more than 360 colleagues to Weir and are excited by the opportunity to combine our expertise to enhance productivity and sustainability for our customers.”