Weir snaps up Canadian mining tech firm
Weir Group, the Glasgowheadquartered global mining engineer, has agreed to acquire a Canadian mining technology business for an initial £89 million with possible future payments.
Motion Metrics is behind innovative artificial intelligence (AI) and 3D-based technologies used in mines worldwide. Its systems help mining businesses increase safety, efficiency and sustainability of their operations, Weir said.
As part of the agreement, Motion Metrics’ Vancouver headquarters will become the Scottish group’s global centre for excellence in AI and “Machine Vision” technology.
Bosses said Motion Metrics’ applications were “highly complementary” to Weir’s product portfolio.
In 2021, Motion Metrics generated revenues of £9m and was “modestly profitable”, Weir noted.
Up to a further £59m will be payable in cash by Weir at the end of 2024, depending on revenue and profit performance. Over the next two years integration costs are expected to total £3m.
Jon Stanton, Weir’s chief executive, said: “The combination of Weir and Motion Metrics will be extremely powerful and reflects our ambition to play a leading role in mining’s technology transformation.
“Motion Metrics not only provides access to innovative and highly relevant technology that will accelerate growth in our Esco division, but it also brings world-class expertise in AI, rugged 3D Machine Vision technology and data science that is applicable across the group.
“This acquisition is fully aligned with our strategy and our commitment to grow ahead of our markets.”