Weir snaps up American Hydro Corp to boost its presence in renewable energy

 
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ENGINEER Weir Group has snapped up an American firm that makes wind turbines and hydro-electric power stations.

The Glasgow-based group refused to say how much it is paying for American Hydro Corporation, which has revenues of £27m and assets worth £18m.

Weir also said it would invest £6m in a new Canadia service centre, to further boost growth in North America.

American Hydro has had a tie-up with Weir over the past five years and also worked with the company on hydro projects in Scotland during the 1990s.

Weir’s chief executive, Keith Cochrane, said: “Hydro-power is the world’s largest source of renewable energy.”

He added: “Combined with American Hydro, we have the engineering depth and skills to accelerate our development in established hydro markets throughout the Americas and Europe”

“Weir has worked with American Hydro before, so knows the business well,” said RBS analyst Andrew Douglas.