StockMarketWire.com - Engineering company Weir Group said it had completed the sale of its Flow Control division to First Reserve for an enterprise value of £275m.

The sale, with a price subject to working capital and debt-linked adjustments, was announced on 25 February.

'The sale of the Flow Control division marks an important step in successfully delivering our strategy,' chief executive Jon Stanton said.

'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.' Story provided by StockMarketWire.com