Weir Group is an engineering company with a focus on mining, oil, gas and power markets. It has operations in over 70 countries and employs around 14,000 people across these sites. It has headquarters in Glasgow, Scotland, listed on the London Stock Exchange, and forms part of the UK Index 250 Index.

 

The company has revenues of over £2.3 billion and in 2017 reported to be “delivering strong growth and strategic progress.” Interesting to anyone investigating an investment in Weir Group shares.

 

Founded in 1871 the engineering company was instrumental in many ground-breaking inventions in pumping equipment, predominantly for the Clyde shipyards and steam ships that were built there. The pumps later went on to be utilised as boiler feedwater pumps and for ships evaporators.

 

When the First World War was in full force the company turned its production focus to munitions and war materiel such as shells and aircraft.

 

When Weir Group shares were first listed on the London Stock Exchange its double-acting steam pumps were a standard fitting on British-built steamships and many other ships worldwide. Weir pumps were utilised for pumping water, fuel and air, Weir Group enjoyed this dominance in the market well into the 1950’s.

 

Following taking a 50% share in a rival and setting up a joint venture in 1969 the strengthening Deutsche mark meant debts were expensive. Although profitable the joint venture didn’t cover the increasing debts. In the 1970’s the decision was taken to sell off assets and the company underwent financial restructure in 1981.

 

Weir Group was divided into the three sector-focused areas that it operates under today. The markets of mining, oil and gas and power industries were chosen due to the higher growth margins and potential growth for Weir Group shares.

 

Weir Minerals – Key mining markets are in South and North America, Australia and Africa. Weir Group manufactures slurry handling equipment used in mining and spare parts for such equipment.

 

Weir Oil and Gas – Key markets are in North America, Europe and the Middle East. Weir Group designs and manufactures equipment for global upstream and downstream oil and gas markets including pumps ancillary equipment.

 

Weir Flow Control – Facilities are located in Europe, North America, China, Middle East, India and South Africa. Weir group supports, designs and manufactures specialist and critical-service rotating and flow control equipment to the global power sector.