The Weir Group PLC acquires American Hydro
Corporation
The Weir Group PLC (“Weir”) has acquired American Hydro
Corporation (“American Hydro”), a manufacturer of high-efficiency
turbine components for hydro-electric power generation.
Based in York, Pennsylvania, American Hydro achieved sales of
US$42.9m (£26.9m1) in 2009 and had gross assets of US$29.2m
(£18.3m1) at 31 December 2009.
Commenting on the transaction, Weir’s chief executive, Keith
Cochrane, said: “Hydro-power is the world’s largest source of
renewable energy. American Hydro has a particular strength in
improving the efficiency of existing stations, a field in which
Weir has extensive experience in the UK and Canada. Combined with
American Hydro, we have the engineering depth and skills to
accelerate our development in established hydro markets throughout
the Americas and Europe, where there is great potential for
electricity companies to improve renewable energy output in an
economically attractive manner.”
Selim Chacour, president of American Hydro, added: “We have had
an alliance with Weir in Canada for the last five years and prior
co-operation on hydro projects in Scotland in the late 1990s.
Through this we have come to know the group well. My business
partners and I are confident that joining with Weir will see the
business grow internationally, providing opportunity for employees
and cost-effective upgrades for customers. We are very proud of the
company we have built over the past 25 years and look forward to
continuing to play our part in this new stage of American Hydro’s
development.”
In conjunction with the acquisition of American Hydro, Weir is
investing C$10m (£6m) in a new service centre in Montreal to
support American Hydro’s sales growth in Canada.
Contact details:
The Weir Group PLC
Helen Walker, Public Relations Manager Tel. 0141 308 3739
(Mobile: 07789 032296)
NOTES:
American Hydro
At its 123,000 square feet facility in York, PA, American Hydro
employs around 130 people in the design, engineering, and
manufacturing of key components for hydro-electric turbines, with a
focus on the US market. The company possesses leading-edge
computerised design technology and the specialist machining
capability to handle very large turbines. Further information on
American Hydro is available from its website www.ahydro.com
Weir Power & Industrial
Through its Glasgow (Scotland) based Power & Industrial
division, Weir is engaged in the service, replacement and
rehabilitation of hydro-turbines in the UK and Canada, working
closely with utilities such as Scottish Power (UK) and BC Hydro
(Canada).
1 Exchange rate of £1 = US$ 1.5919 at closing in London on 17
November 2010
