Weir acquires hydro equipment firm American Hydro Corporation

The Weir Group PLC has acquired American Hydro Corporation, a manufacturer of high-efficiency turbine components for hydroelectric power generation, UK-based Weir announced.

Based in York, Pennsylvania, American Hydro achieved sales of US$42.9 million in 2009 and had gross assets of US$29.2 million at Dec. 31, 2009, according to a Weir press release.

Commenting on the transaction, Weir Chief Executive Keith Cochrane said: “Hydropower is the world’s largest source of renewable energy. American Hydro has a particular strength in improving the efficiency of existing stations, a field in which Weir has extensive experience in the UK and Canada. Combined with American Hydro, we have the engineering depth and skills to accelerate our development in established hydro markets throughout the Americas and Europe, where there is great potential for electricity companies to improve renewable energy output in an economically attractive manner.”

Selim Chacour, president of American Hydro, added: “We have had an alliance with Weir in Canada for the last five years and prior co-operation on hydro projects in Scotland in the late 1990s. Through this we have come to know the group well. My business partners and I are confident that joining with Weir will see the business grow internationally, providing opportunity for employees and cost-effective upgrades for customers. We are very proud of the company we have built over the past 25 years and look forward to continuing to play our part in this new stage of American Hydro’s development.”

In conjunction with the acquisition of American Hydro, Weir is investing C$10 million in a new service center in Montreal to support American Hydro’s sales growth in Canada.

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