Weir buys 76% interest in Ynfiniti Engineering

(ADPnews) - Dec 22, 2010 - UK engineering group Weir Group (LON:WEIR) said today it had acquired a 76% stake in Spain-based wind power maintenance firm Ynfiniti Engineering Services SL, seeking to broaden its maintenance and upgrade services portfolio.

The company did not give any financial details on the deal. It had been granted an option to buy the remaining 24% from the company's management team in the coming six years.

Gamesa (MCE:GAM), Suzlon Energy Ltd (BOM:532667), Vestas Wind Systems (CPH:VWS), Alstom (EPA:ALO) and Iberdrola Renovables (MCE:IBR) are among Ynfiniti's key customers. The company has subsidiaries in Italy, Portugal and the US. Revenue for 2010 is projected to reach EUR 10 million (USD 13m), while gross assets as of December 31, 2009 stood at EUR 4.8 million.

A month ago, Weir acquired hydro-turbine components maker American Hydro Corp, in a drive to enhance its position in the hydropower sector in Europe and the Americas.

(EUR 1 = USD 1.314)

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