Seoul, Korea, South, June 24, 2011 --(PR.com
)-- Business Development Asia LLC ("BDA") is pleased to announce that its client, The Weir Group PLC ("Weir"), a global leader in the design, supply and ongoing service of engineering equipment and solutions for the mining, oil & gas and power & industrial sectors, has agreed to acquire 60% of a new Korean company, Weir International, into which the valves business of HIM Tech Co Ltd (“HIM Tech”) has been transferred. Terms of the transaction were not disclosed.
Located in Ansan, near Seoul, Korea, HIM Tech designs and manufactures control and choke valves for severe service power generation and oil & gas applications. As well as domestic customers, its products are supplied to major Korean engineering contractors for international projects.
Keith Cochrane, CEO of Weir, commented: “This acquisition in South Korea, one of the 'Next 11' high growth economies, increases our global capability, allowing us to add local content in Korea and provides strong links to a number of important Korean contractors who supply both the home and international markets. The team at HIM Tech, led by Heang Hoon Cho, are already well known to us as trading partners. In recent months we have been collaborating on a number of initiatives which we expect will generate new orders for our global valves business."
Heang Hoon Cho, who will continue as President of the Ansan operation under the Weir banner, added: “I have worked with Weir for 17 years, first as agent and then licensee, and I am delighted that we are becoming an integral part of the Weir Group. The acquisition opens many new avenues to expand the business both in Korea and with Korean customers worldwide.”
The transaction is expected to be completed during the course of July.
BDA acted as the exclusive financial advisor to Weir on the transaction. This is BDA’s second transaction for Weir within 12 months; BDA also advised Weir on the acquisition of BDK in India in 2010.
BDA Deal Team
Andrew Huntley, Senior Managing Director, London
Heejun Yang, Director, Seoul
Jay Shin, Senior Associate, Seoul
Shariq Siddiqui, Senior Associate, London
Eric Son, Associate, Seoul
About The Weir Group PLC
The Weir Group PLC, a member of the FTSE 100, headquartered in Scotland, and celebrating its 140th anniversary in 2011, is a global leader in the design, supply and ongoing service of engineering equipment and solutions for the Mining, Oil & Gas and Power & Industrial sectors. With annual sales of over £1.6bn, Weir employs 9,000 people and operates in over 42 countries with manufacturing facilities in North and South America, the UK, mainland Europe, Australia, South Africa, India and China. For further information please visit www.weir.co.uk.
About Business Development Asia
Business Development Asia LLC (“BDA”) assists multinational corporate and financial sector clients to identify and execute acquisitions, divestments, JVs, restructuring and capital raising, in Asia and internationally. BDA is headquartered in New York with offices in London, Bahrain, Mumbai, Hong Kong, Shanghai, Seoul, and Tokyo. BDA employs 60 full-time professional staff across its eight offices, supplemented by a team of senior advisors around the world. BDA's clients include Areva, AXA Private Equity, Celestica, Clariant, DIC, Ecolab, Hercules, Kennametal, Molex, Nalco, Pfizer, Rexel, Reuters, Ryder, SigmaKalon, Sun Chemical, Tredegar, WestLB, and the British Government. Further information on BDA is available at www.bdallc.com
For more information regarding this transaction, please contact Andrew Huntley in London on (44) 20 7182 4514 or Heejun Yang in Seoul on (82) 2 767 2731