Weir Changes Name to Trillium Flow Technologies
23 July 2019
Weir Flow Control has announced that it has changed its name to Trillium Flow Technologies. This change follows the completion of the sale of The Weir Group’s Flow Control division to First Reserve. The Weir Group sold the Flow Control division to First Reserve, a global private equity investment firm focused exclusively on energy, for an enterprise value of £275 million.
Trillium Flow Technologies’ new website said the company “will continue to provide mission critical valves, pumps and aftermarket services in oil and gas, power generation, water and wastewater, and general industry.” The company will provide support for design, installation and operation, as well as a global footprint and supply chain and aftermarket parts and service.
The plan to sell the division was first announced in April 2018, alongside the acquisition of ESCO, which strengthened Weir’s position in global mining markets. Once the transaction was completed, the earlier press release stated, more than 80 percent of Weir’s revenues will be from aftermarket-intensive mining and upstream oil and gas markets.
Weir will retain the U.K.-defined benefit pension liabilities of Flow Control and agreed with the trustees to make a £4 million one-off contribution from the proceeds of the sale to the Group’s U.K.-defined benefit scheme, which was closed to future accrual in 2015. In addition, certain of Weir’s U.S. subsidiaries will retain the Flow Control legacy asbestos exposure together with corresponding insurance and will provide customary indemnification to First Reserve. The net proceeds of the sale will be used for general corporate purposes, including to further reduce leverage and to fund future investment in growth in our core platforms.
Image credit: Trillium Flow Technologies