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LONDON - The Weir Group PLC (OTC:WEGRY) has entered into a binding agreement to acquire US-based Townley Engineering and Manufacturing Co., Inc. and Townley Foundry & Machine Co., Inc. for an enterprise value of £111 million ($150 million), according to a press release statement issued Wednesday.
The acquisition is expected to strengthen Weir’s market channels and manufacturing footprint in North America, particularly in the phosphate market. Townley, founded in 1963, manufactures mining wear and abrasion solutions including slurry pumps, dredge pumps, cast foundry products, valves, and other components.
Townley’s operations are based in Ocala, Florida, within the phosphate mining region, and include a foundry along with urethane and rubber products manufacturing. The company maintains a service network across the United States and distributor partnerships in Canada and Central America.
Jon Stanton, Chief Executive of Weir, said the acquisition "will significantly enhance our geographic presence in North America, enabling us to serve customers in the region more effectively and sustainably."
The transaction, subject to customary US antitrust approvals, is expected to complete in Q3 2025. Following completion, Townley will be integrated into Weir’s Minerals division within its North American region.
Weir expects the deal to be earnings per share accretive in the first full year of ownership and achieve return on invested capital exceeding weighted average cost of capital by 2028. The acquisition will be financed from existing debt facilities and does not affect Weir’s previous net debt guidance for fiscal years 2025 and 2026.
Townley’s workforce of over 360 employees will join Weir Group (LON:WEIR) following the completion of the transaction.
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