Weir Group is set to acquire a Chinese rock crushing company as part of plans to boost its share of the mining market, following its failed bid for Finnish rival Metso this year.
The Glasgow-based engineer, which manufactures valves and pumping equipment for miners and oil and gas companies, said it would buy Shanghai-based Trio for an enterprise value of £138m from Kuala Lumpur-based private equity company Navis Capital.
Trio designs and manufactures crushers and grinders for the minerals market and has manufacturing facilities in China and America. In 2013 it generated 31 per cent of its revenues from North America, with 25 per cent in China.
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