ESCO Corporation, a Portland, Oregon, based designer, manufacturer and provider of equipment used by companies in dredging, mining, construction and industrial markets, has entered into an agreement to be acquired by The Weir Group PLC for an enterprise value of $1.285 billion.
Founded in 1871 in Glasgow, Scotland, Weir is involved in mining and upstream oil and gas industry with facilities in more than 70 countries and approximately 15,000 employees.
The Group is publicly traded and has been a member of the London Stock Exchange since 1946.
Completion of the acquisition is expected to take place in the third quarter of 2018 following customary regulatory clearances.
Under the agreement, ESCO will operate as a standalone business as part of Weir for the duration of 2018, with integration starting in 2019.
No significant change to ESCO employee numbers or facilities are expected as a result of this combination.