The Board seeks shareholder approval of the all-cash disposal of the Oil & Gas Division to Caterpillar Inc. The purchase price is based on an enterprise value of $405 million (£314 million), subject to customary working capital and debt like adjustments at closing. We consider the proposed disposal to be in line with the business strategy of the group, reducing its exposure to the volatility of hydrocarbon markets and limiting its cyclicality. It will also strengthen the financial situation of the company. The purchase price for the loss-making division is reasonable considering difficult and unpredictable Oil & Gas market conditions.
The Weir Group is an engineering business. Co. is organized into three operating divisions: Minerals, which provides mill circuit technology and services as well as slurry handling equipment and associated aftermarket support for abrasive high wear applications; Oil & Gas, which provides pressure pumping and pressure control equipment and aftermarket spares and services, as well as equipment repairs, upgrades, certification and asset management, and field services; and Flow Control, which designs and manufactures valves and pumps, and also provides specialist support services to the global power generation, industrial, oil and gas and other aftermarket-orientated process industries.
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