Weir Group sheds oil and gas division in $405m Caterpillar deal October 5, 2020 Weir Group this morning announced that it would sell its oil and gas division to construction firm Caterpillar for $405m (£314m). Shares in the company jumped 15.6 per cent as markets opened as traders cheered the deal. The FTSE 250 company has been mulling the sale of the division for about six months as it [...]
Weir axes dividends, slashes US jobs and cuts costs as coronavirus crisis hits firm March 26, 2020 Energy services and engineering firm Weir has scrapped its dividend as a result of coronavirus uncertainty. The FTSE 250 listed, Glasgow-based company, becomes the latest in a list of firms to do this as they try to cut costs. Although it reported a return to normality with its Chinese operations, the company’s main area of [...]
Weir to exit oil and gas after £379m loss February 26, 2020 Weir Group is to exit its oil and gas business after posting a £379m loss for 2019 today. While Weir enjoyed a strong performance in its mining business, the company warned the US oil and gas market’s poor 2019 performance forced it to slash costs in the range of £35m a year. “North American oil [...]
Weir Group warns over oil and gas profits after orders decline in third quarter November 5, 2019 Scottish engineers Weir Group today announced a 32 per cent decline in orders for its oil and gas division in the third quarter among challenging market conditions in North America. In response, the company announced that they had undertaken a £30m cost reduction programme in the division, including reducing its North American workforce by around [...]
Rising profits and ‘supportive’ industry provides shareholder cheer for Weir February 27, 2019 Energy and minerals sector engineering firm Weir Group’s shares were up three per cent this afternoon after it announced revenues rose last year, hailing 2018 as “transformational”. The company, which makes pumps for mining and oil and gas firms, saw underlying profits rise more than one-fifth over the year, offset by the £750m acquisition of [...]
FTSE index quarterly review: Berkeley Group Holdings’ FTSE 100 place confirmed, Weir Group out September 2, 2015 Berkeley Group Holdings will officially join the FTSE 100 later this month with engineering company Weir Group making way. Read more: Housebuilder shares drop on "vanilla" house price data The anticipated reshuffle was confirmed as part of the index's quarterly review which also announced FTSE 250 entrances for Circassia Pharmaceuticals, P2P Global Investments and Sophos Group. [...]
FTSE 100 quarterly review: Weir Group could be making way for Berkeley Group to enter blue-chip index September 1, 2015 Housebuilder Berkeley Group could make a grand entrance to the FTSE 100 later this month, while engineering business Weir Group is set for a demotion into the FTSE 250 as part of the index's quarterly review. The move is based on the companies' position within their current respective indices. The FTSE EMEA Committee will [...]
Weir Group share price plummets as oil and gas firm warns on year ahead February 25, 2015 Weir Group 's share price plummeted by 10 per cent this morning after the oil and gas company warned of a “significant reduction” in revenues for the year ahead. Though its results for the year to January 2 were just below expectations, investors were left more unsettled by the forecast of bid drop in demand [...]
Weir Group share price falls as engineering firm plans to cut 350 jobs in efficiency drive November 4, 2014 Engineering firm Weir Group will close five of its manufacturing facilities and cut around 350 jobs in 2015, the company announced yesterday in its third-quarter results. A group-wide review undertaken with the aim of identifying opportunities to reduce costs “while aligning resources globally to capture end market opportunities”. In addition to the plant closures, Weir [...]
Weir Group plummets on 2013 profit warning November 4, 2013 FTSE 100-listed engineer Weir Group saw its shares plummet yesterday morning after it warned that its full-year profit would miss analysts’ expectations, joining a host of mining equipment makers hit by cost cutting at mining companies. Peers such as Caterpillar, Sandvik, and Atlas Copco have all seen order bookings fall this year as lower metal [...]