Weir Group Buys SPM;Moves Nuke Valve Plant
SPM anticipates 2007 revenues of $320 million. The acquisition is subject to the approval of Weir’s shareholders.
Also, Weir Valves & Controls USA is moving to a new nuclear valve manufacturing facility, which it says will be the largest focused factory for these types of valves. The move is made to increase production capacity to meet the expected surge in orders for new nuclear power plants.
Weir expects to begin operations in its new 106,000-sq.-ft. facility in Ipswich, MA, this fall. The company said it’s preparing for the extensive qualification testing that will be required to demonstrate that the products can function properly for the 60-year design life of the next generation of nuclear power plants.