Weir Group oil & gas sale completion delayed to 2021

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Weir Group PLC (LON:WEIR) said the £341mln sale of its oil & gas division is now expected to close in the first quarter of 2021.

The transaction was initially expected to complete by the end of 2020 depending on regulatory clearances.

READ: Weir’s higher exposure to mining makes it a winner among engineers, says UBS

While the majority of these clearances have been received, including those from the US, a small number remain outstanding, the firm said the timing of some standard processes has been delayed by COVID-19 restrictions.

The engineering company announced the move in October, when it set out to focus on markets underpinned by global demographic trends, such as the transition to a low carbon society and the adoption of new technologies in the mining industry.  

The move was welcomed by analysts as a way to take pressure off the balance sheet and reducing the leverage.

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