Engineering firm Weir Group plc is shelling out £328 million ($653 million) in cash for high-pressure pump maker SPM Flow Control Inc. In May, the Glasgow-based firm said it would sell Weir Pumps to industrial investor Clyde Bowers Ltd. for $90 million. Apparently, Weir found a better fit with SPM - as detailed in its press release. Not only does the Scottish company go into a deal value breakdown and include the usual positive quotes from senior management, but it also explains its acquisition criteria and shows that a strategy unveiled five years ago is still in the works.

Weir claims that Fort Worth-based SPM has a technological edge and sound profitability among other things on its checklist. "It ticks all the right boxes for us," said chief executive Mark Selway. He says Weir has been eager to grow in the business sector. The firm expects a return in excess of cost of capital within three years. They've certainly done the due diligence, we'll see if all the pieces fall into place. — Baz Hiralal

See the detailed 6-page release here

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