Weir buys Indian valve business
The Weir Group PLC has agreed to acquire the
valves business of BDK Engineering Industries Limited (“BDK”).
Completion is conditional on tax clearance and is scheduled for
early October 2010. The business had gross assets of £16.7m (INR
1.22bn) at 31 March 2010.
BDK, a family owned business based in Hubli,
Karnataka, India, manufactures valves for the oil and gas,
petrochemical and power markets. The business generated sales of
£20.9m (INR 1.52bn) in the year to 31 March 2010.
Keith Cochrane, chief executive of Weir, said:
“This acquisition further strengthens our emerging market
footprint. BDK’s range of valves will enhance our
global customer offering and its Indian sales network will provide
an additional route to market for many of our existing
products.”
Commenting on the transaction, Bharat Khimji,
BDK’s founder, stated: “My family has developed BDK over the last
30 years into an internationally recognised valves manufacturer. We
are pleased to entrust the next stage in the growth of the business
to an engineering group of Weir’s global standing. We are convinced
that this is an excellent outcome for customers and employees. My
sons and I look forward to continuing to play our roles in ensuring
a smooth transition.”
More information on Weir-BDK products can be
downloaded here: Product Catalogue - Weir-BDK
valves
Further information on the BDK business can be
found here: www.bdkindia.com
WEIR IN INDIA
Weir India currently has two main operations
in Bangalore serving the Minerals and Power & Industrial
markets and currently employs 350 people. Weir India also has
a significant engineering shared service capability providing
engineering support to many Weir companies globally.
£1 = INR (Indian Rupees) 72.7
NOTE: Further information on BDK is available
from its website www.bdkindia.com.
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