SIR ROBERT SMITH APPOINTED NON-EXECUTIVE DIRECTOR AND CHAIRMAN DESIGNATE OF THE WEIR GROUP PLC
The Weir Group PLC announces that Sir Robert Smith has been appointed a non-executive director and Chairman Designate with immediate effect. Sir Ron Garrick, Chairman of The Weir Group, has indicated his intention to retire from the Board at the end of June 2002, at which time Sir Robert will succeed him as Chairman.
Sir Ron Garrick said: "I am delighted that Sir Robert has agreed to become the next Chairman of The Weir Group. His knowledge and business experience will make a major contribution to the future deliberations of our Board. He and our Chief Executive, Mark Selway, are an ideal combination to lead the next phase of growth and development of the Group".
Sir Robert Smith: "I am looking forward to working with Mark and his team to further develop and grow the business".
About Weir Group
The Weir Group PLC operates globally and serves a wide range of customers in key industrial markets. This geographic and industrial diversity serves the Group well in its specialised
engineering products and services businesses. Manufacturing and sales operations are strategically located close to the major markets, particularly in the UK, the Americas, Australasia, the Middle East and Africa.
Today, the Weir Group is a leader in many of the areas in which it operates and the current strategy is to continue to grow by focusing on businesses where significant market positions can be achieved by either organic development or acquisition.
The Group, founded in 1871 and today one of the world ’s top pumpmakers, has 9,500 employees with an extensive global network of manufacturing plants and service operations.
Financial Highlights 2000
Turnover GBP 882.9m (about EUR 1428m)
Operating profit GBP 72.9m (about EUR 118m)
Excluding goodwill amortisation
Pre tax profit GBP 61,2 (about EUR 99m)
Excluding goodwill amortisation and exceptional items
Source: The Weir Group PLC