Engineer Weir Group PLC has announced that it has agreed to acquire Delta Industrial Valves Inc., a U.S.-based manufacturer of valves for the mining, oil sands and other industrial markets, for an enterprise value of up to $47 million USD.
An initial sum of $37 million will be payable on completion of the acquisition, $21 million in cash and $16 million in new equity, enabling the owners of Delta to share in the future benefits of the combination. Up to a further $10 million in cash will be paid over the next 18 months, contingent upon the business meeting certain profit growth targets.