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The price of shares in FTSE 250 engineering company Weir Group (LON:WEIR) has risen by 2.07% to 1,578.50p (as of 15:00 BST) after it completed the disposal of its Flow Control division. The sale to First Reserve raised proceeds of £275 million, subject to working capital adjustments.
CEO Jon Stanton commented: “The sale of the Flow Control division marks an important step in successfully delivering our strategy. It means Weir is now a more focused business with strong positions in premium upstream mining and oil and gas markets around the world. On behalf of everyone at Weir I would like to thank David Paradis and the Flow Control team for their longstanding contribution to the Group and we wish them every success in the future“.