Weir Group names Barbara Jeremiah new chair Weir Group names Barbara Jeremiah new chair Weir Group has this morning announced that Barbara Jeremiah will take over as the FTSE 100 firm’s chairman after next year’s AGM. Jeremiah, who spent 30 years at global aluminium giant Alcoa, will replace Charles Berry at the completion of his full nine-year tenure. Under his leadership the Scottish firm made its long-expected exit from [...]
Weir Group reinstates dividend after ‘strong’ first half performance Weir Group reinstates dividend after 'strong' first half performance Weir Group has this morning reinstated its dividend after what the engineering group hailed as a “strong performance” over the first half of the year. The FTSE 100 firm said that it would pay out a dividend of 11.5p per share for the period, having cancelled such returns due to the pandemic. The announcement came [...]
Mining sector needs $1.7 trillion investment for decarbonisation Mining sector needs $1.7 trillion investment for decarbonisation Mining companies need to invest an eyewatering $1.7 trillion over the next 15 years to stick to Paris Agreement commitments, according to consultancy Wood Mackenzie. The decarbonisation investment figure comes as UK mining group Weir released a report today which found that the mining industry uses around 3.5 per cent of global energy. “Mining needs [...]
Weir inks £36m Ferrexpo deal as profit stays on track April 29, 2021 Engineering firm Weir Group this morning said it had won a £36m contract to provide energy saving solutions to iron ore firm Ferrexpo. The contract win came as the FTSE 100 firm said that it was on track to deliver profit in line with market expectations this year. The deal with Swiss firm Ferrexpo will [...]
FTSE reshuffle: Who’s in and who’s out of London’s blue-chip index? March 3, 2021 FTSE reshuffle: Who's in and who's now out of London's blue-chip index?
Weir Group revenues stable after pivot away from oil and gas March 2, 2021 Engineers Weir Group today said that its revenues had fallen just one per cent in 2020, a year in which the firm made the switch away from oil and gas. The company said that revenue was £1.96bn in 2020, marginally lower than the £2.05bn posted the year before. It said that its adjusted operating profit [...]
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 [...]