Ex apprentice buys Weir Pumps

Manufacturing News, Source : TheManufacturer.com
Published : 11 May 2007 12:28

Jim McColl, chief executive and owner of Clyde Blowers and one of Scotland’s richest men, has bought Weir Pumps, where he began his career as an engineering apprentice.

The Glasgow-based Weir Pumps, acquired for around £45 million, will be incorporated into a new company, Clyde Pumps. All 596 staff have been assured that their jobs are safe, and that the company will continue to operate from the Cathcart site as a new equipment and spares business.

There are plans to invest in a world class test, development and manufacturing facility in the greater Glasgow area which will create jobs for more than 400 employees.

The services division of Weir Pumps is not included in the sale and will remain part of the Weir Group. However it will retain its commercial relationship with the pumps business including access to intellectual property and an exclusive service relationship with Clyde.

Jim McColl said: “Our strategy for the business going forward is to continue full scale pump manufacturing including both new equipment and spare parts. Initially this will be from the existing Cathcart plant. We will invest in a modern manufacturing plant in the Glasgow area, including a world class test and development facility. The plan is to have the new facilities ready by the end of March 2009. Our vision for the acquired business is to be a centre of excellence in Pump technology, hydraulic design and engineering. We aim to employ the best designers and engineers, re-establishing this business as a world leader in the markets in which it operates.”

Weir had been in negotiations to sell its pumps division to Swiss company Sulzer in a deal worth £48 million, and had the deal gone ahead, many of the company staff were expecting to be made redundant negotiations ceased in March.

Mark Selway, chief executive of The Weir Group, said: “Following the termination of our discussions with Sulzer AG we evaluated all options regarding the future of Weir Pumps and the sale to Clyde represents the best way forward for the business, employees and shareholders alike.”

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