Glasgow-based Weir Group has completed the sale of its Flow Control division to First Reserve.
The sale, for a value of £275 million, subject to customary working capital and debt-like adjustments, was first announced on 25 February 2019 and completed on 28 June 2019.
The sale required regulatory approvals which have now been completed.
Weir Group chief executive officer Jon Stanton said: “The sale of the Flow Control division marks an important step in successfully delivering our strategy. It means Weir is now a more focused business with strong positions in premium upstream mining and oil and gas markets around the world.”
“On behalf of everyone at Weir I would like to thank David Paradis and the Flow Control team for their longstanding contribution to the Group and we wish them every success in the future.”