Weir Group, the Glasgow-based engineering company, has agreed to acquire US-based Townley Engineering & Manufacturing Co Inc and Townley Foundry ...

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Weir Group, the Glasgow-based engineering company, has agreed to acquire US-based Townley Engineering & Manufacturing Co Inc and Townley Foundry & Machine Co Inc for an enterprise value of £111 million.

The acquisition aims to strengthen Weir’s manufacturing footprint and market presence in North America, particularly within the phosphate mining sector – a key supplier to the fertiliser industry.

Townley, headquartered in Ocala, Florida, is a specialist in mining wear and abrasion solutions, producing slurry pumps, dredge pumps, cast foundry products, and valves.

The company’s strategic locations and in-region manufacturing capabilities are expected to improve Weir’s channels to market, support localisation, and reduce lead times across the continent.

Weir’s Chief Executive, Jon Stanton, said: “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.

“It enhances our domestic manufacturing platform and strengthens Weir’s position in the attractive market for phosphate, an important mineral in the fertilisers that are needed to support population growth.”

The transaction, subject to US antitrust approvals, is expected to complete in the third quarter of 2025. Townley, with a workforce of over 360 employees, will be integrated into Weir’s Minerals division.

The deal is forecast to be accretive to earnings per share in the first full year of ownership, with return on invested capital anticipated to exceed the group’s weighted average cost of capital by 2028.

The purchase will be funded through existing debt facilities and will not affect Weir’s net debt guidance for 2025 and 2026

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