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Journalism of Courage
The Weir Group Plc has agreed to acquire the valves business of BDK Engineering Industries Limited. Completion is conditional on tax clearance and is scheduled for early October 2010. The business had gross assets of 16.7m Rs 1.22 bn on March 31,2010.
BDK,a family owned business based in Hubli,Karnataka manufactures valves for the oil and gas,petrochemical and power markets. The business generated sales of 20.9m Rs 1.52bn in 2009-10.
Keith Cochrane,chief executive of Weir,said: This acquisition further strengthens our emerging market footprint. BDKs range of valves will enhance our global customer offering and its Indian sales network will provide an additional route to market for many of our existing products.
Weir India has two main operations in Bangalore serving the minerals,power and industrial markets and currently employs 350 people.
Commenting on the transaction,Bharat Khimji,BDKs founder,stated: My family has developed BDK over the last 30 years into an internationally recognised valves manufacturer. We are pleased to entrust the next stage in the growth of the business to an engineering group of Weirs global standing.
