Weir to acquire the remaining 50% stake in ESCO Elecmetal Fundición from Elecmetal for £56m.

Weir, a UK-based engineering company, agreed to acquire the remaining 50% stake in ESCO Elecmetal Fundición, a manufacturer of ground engaging tools, from Elecmetal, a global metallurgical company, for £56m. "We are delighted to have reached this agreement to acquire the remaining share of our ESEL joint venture in Chile following a long and successful partnership with Elecmetal. This strategic move strengthens our ability to serve customers across South America, expands our foundry capacity in the region and with our world-class engineering capabilities, will enable further optimisation of our manufacturing footprint globally," Jon Stanton, Weir CEO.