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Investing.com -- Mining technology company Weir Group (OTC:WEGRY) has entered into a binding agreement to acquire Florida-based Townley Engineering and Manufacturing Co. and Townley Foundry & Machine Co. for $150 million (£111 million), according tothe company on Wednesday.
The acquisition will strengthen Weir’s manufacturing footprint and market channels in North America, particularly in the phosphate mining sector, which produces minerals used in fertilizers.
Townley’s strategic locations across the United States and its distributor partners in Canada and Central America will give Weir access to new customers and enhance its existing North American distribution network.
"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," said Jon Stanton, Chief Executive of Weir.
The transaction, which will bring more than 360 Townley employees into Weir, is expected to complete in Q3 2025, subject to U.S. antitrust approvals.
Following completion, Townley will be integrated into the North American region within Weir’s Minerals division.
The acquisition is expected to be earnings per share accretive in the first full year of ownership, with return on invested capital expected to exceed weighted average cost of capital in 2028.
Weir plans to finance the deal using existing debt facilities.
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