The merger of ESCO Corporation into the Weir Group is set to offer producers “market-leading solutions” from extraction to concentration, with the latter’s service centres spanning major parts of the world.
The Weir Group recently completed the acquisition for an enterprise value of $1.2 billion, after the merger was first announced in April.
“We are delighted to formally welcome ESCO to Weir," Weir Group chief executive Jon Stanton said.
"It is a great brand that is respected throughout the world for its quality, performance and reliability. ESCO’s strength in extraction complements our leadership in the mill circuit, meaning that together we will have a comprehensive offering for mining companies around the world,” Stanton said.
Current ESCO president and chief operating officer Jon Owens, who joined Weir’s Group Executive committee, will continue to lead the business, as it becomes a division of the Weir Group.
"No other mining equipment provider will be able to offer customers market-leading solutions from extraction to concentration supported by a service centre network that covers every major mining region in the world,” Owens said.
ESCO has an extensive installed base of lip systems that house short-cycle consumables, such as teeth, shrouds, adaptors, blades and locking systems, with aftermarket sales representing about 90 per cent of ESCO’s revenues.
Weir’s traditional strength lies in slurry handling equipment with brands including Warman and GEHO pumps, Cavex hydrocyclones and Linatex rubber products.
Founded in Portland, Oregon, in 1913, ESCO currently employs around 2600 people with operations in 19 countries (including Australia), and generated $USD632 million in revenue last year.
A leader in mining and upstream oil and gas, Weir Group, with a 15,000-strong staff, has facilities in more than 70 countries (Australia included) and a global network of more than 100 service centres covering all key regions.