REG - Weir Group PLC - Weir completes purchase of Motion Metrics

WeirAnnouncement

01/12/2021 07:00

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RNS Number : 1203U  Weir Group PLC  01 December 2021

 

Weir completes purchase of Motion Metrics

 

 

The Weir Group announces today that it has completed the previously announced
acquisition of Motion Metrics, the market leading developer of innovative
Artificial Intelligence and Machine Vision technology used in mines worldwide,
for an initial consideration of £89m.

 

Commenting on the acquisition, Weir Group CEO Jon Stanton said:

 

"I am delighted to welcome our colleagues from Motion Metrics to Weir as we
combine forces to play a leading role in making mining smarter, more efficient
and more sustainable. I am excited by the opportunities this acquisition
brings to drive growth and accelerate our journey to include data and insight
as a core offering to our customers."

 

Motion Metrics becomes a part of Weir's ESCO division and will serve as a
global centre of excellence for AI and Machine Vision technology in Weir,
supporting the increased digitisation of the broader Weir product portfolio.

 

A copy of the press release of 5 November 2021 relating to the announcement
can be viewed at global.weir/newsroom.

 

 Enquiries:
 Investors: Stephen Christie      +44 (0) 141 308 3781

 Media: Citigate Dewe Rogerson:   +44 (0) 207 638 9571

 Chris Barrie / Kevin Smith       Weir@citigatedewerogerson.com

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 enables 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.11,000
employees operating in over 60 countries with a presence in every major mining
region of the world.  Find out more at 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 Motion Metrics International Corp.

 

Founded in 1999 Motion Metrics is a leading provider of AI and rugged Machine
Vision technology to global mining markets.  Its suite of patented products
provides image and sensor-based automatic monitoring and analysis for
applications such as equipment and wear monitoring, rock fragmentation
sensing, boulder detection and payload weight and volume analysis. Motion
Metrics innovative technology is used on more than 80 mine sites around the
world and enables mine operators to optimise safety, efficiency and
sustainability by helping prevent costly unplanned downtime.  Its solutions
are used in a variety of applications from drill and blast through to minerals
processing.  The business is based in Vancouver, Canada and has sales offices
in a number of major mining regions including Chile, Australia, Brazil, Russia
and South Africa. For further information, please visit www.motionmetrics.com.

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