RCS - Weir Group PLC - Weir and Olayan announce key milestone

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RNS Number : 9319O  Weir Group PLC  14 January 2026

14 January
2026

Press Release

Weir and Olayan Saudi Holding Company strengthen commitment to Saudi Arabia's
mining industry, achieving key milestone in establishment of joint venture

Riyadh, Saudi Arabia - 14 January 2026 - The Weir Group PLC and Olayan Saudi
Holding Company today announced the signing of the shareholders' agreement to
establish a joint venture in the Kingdom of Saudi Arabia, marking a
significant milestone in their collaboration to provide advanced mining
technology solutions.

The announcement was formally unveiled at the Future Minerals Forum in Riyadh,
reflecting both companies' commitment to serving Saudi Arabia's rapidly
expanding mining sector.

Mining is a key strategic sector under the Kingdom's Vision 2030, and the
joint venture will combine the respective strengths of both organisations to
support sustainable growth in this industry. Weir brings its global leadership
in mining technology, including expertise in comminution, separation, and
tailings solutions, along with its WARMAN(®) slurry pumping technology.
Olayan Saudi Holding Company contributes deep local market knowledge and
established business capabilities within the Kingdom.

This formal joint venture builds upon a longstanding relationship between the
two companies. Together, they will offer integrated solutions that align with
the objectives of Saudi Arabia's mining ecosystem and broader economic
diversification goals.

Following the initial announcement of their intention to form a joint venture
at the 2025 Future Minerals Forum, both organisations have worked over the
past year to finalise the necessary steps for effective collaboration. The
shareholders' agreement is now signed, and the companies anticipate the joint
venture to commence operations by the end of Q1 2026, pending customary
government approvals.

Commenting on the announcement, Jon Stanton, CEO of Weir, said: "We are proud
to have signed the shareholders' agreement with Olayan Saudi Holding Company,
marking a significant step in establishing our joint venture to support the
Kingdom of Saudi Arabia's rapidly developing mining industry. By combining
Weir's technology leadership in sustainable mining with Olayan's deep local
expertise, this agreement strengthens our ability to serve customers and drive
growth, build local capability, and contribute to the success of Vision 2030."

Also commenting on the agreement, Salih Merghani, Chief Operating Officer at
Olayan Saudi Holding Company, said: "This agreement represents a key step
toward developing a localised mining value chain in the Kingdom. Partnering
with Weir allows us to bring world-class mining technologies and products into
Saudi Arabia while leveraging our deep local expertise to drive their
integration and delivery within the local market. This joint venture aligns
strongly with our commitment to enabling industrial growth and supporting the
goals of Vision 2030."

 

About The Weir Group PLC

Founded in 1871, The Weir Group PLC is one of the world's leading engineering
businesses with a purpose to make its mining and infrastructure customers'
operations more sustainable and efficient. Weir's highly engineered technology
and digital solutions enable critical resources to be produced using less
energy, water and waste while reducing customers' total cost of ownership. The
Group is ideally positioned to benefit from structural trends that support
long-term demand for its technology including the need for more essential
metals to support economic development and carbon transition. The Group has
c.12,000 employees operating in over 50 countries with a presence in every
major mining region of the world. Find out more at www.global.weir
(http://www.global.weir/) .

Weir's ordinary shares trade on the London Stock Exchange (ticker: WEIR LN)
and its American Depositary Receipts trade over-the-counter in the USA
(ticker: WEGRY).

About Olayan Saudi Holding Company

Olayan Saudi Holding Company's journey into existence began in 1947 when its
founder, Suliman S. Olayan, established his first company, which later became
one of many that comprise Olayan Saudi Holding Company, a Saudi-based
diversified business enterprise with commercial and industrial operations
spread across Saudi Arabia and the wider Middle East and North Africa regions.
The company's portfolio includes more than 25 companies operating in five
sectors, namely, energy, information and communications technology (ICT),
health and personal care, food and beverages, and restaurants.

A partner of choice for over 75 years and an employer of choice to over 14,000
qualified professionals from different nationalities and backgrounds in its
inclusive and diverse workplaces. With a commitment to a responsible and
sustainable approach to business, Olayan Saudi Holding Company has a strong
focus on its environmental and social impact and ensures the highest level of
governance. Olayan Saudi Holding Company proudly invests in local businesses
and suppliers and actively contributes to the development of the Saudi market
and its industries, having introduced many major international brands and
manufacturing industries that touch almost all aspects of life.

 Enquiries:
 Investors: Philip Carlisle  +44 (0)141 308 3617
 Media: Sally Jones          +44 (0)141 308 3666
 CDR: Claire de Groot        +44 (0) 207 638 9571

                             weir@cdrconsultancy.com

 

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