Weir shells out $47m for US valves firm

Glasgow-based engineer Weir Group has struck a deal to buy a US valve-maker for up to $47 million (£30m).

The firm said the acquisition of Delta Industrial Valves would boost its presence in mining and oil sands markets by extending its range of products.

Based in Michigan, Delta employs about 70 people and generated underlying pre-tax earnings of $6.2m in the last 12 months.

Weir chief executive Keith Cochrane said: “Delta’s strong brand and reputation, together with Weir’s global capability, mean we will be able to offer our customers new ways to increase efficiency at a time when the industry is focused on reducing costs and increasing productivity.”

Delta vice-president Mark Johnson added: “We see significant opportunities ahead in what remain long-term growth markets.”