Weir Group is acquiring a Brazil-based software company specialising in mine management solutions, accelerating its growth in the South American market.
Fast2Mine’s platform services 84 mines across a number commodities and countries and the acquisition is expected to complement Glasgow-headquartered Weir’s existing mine software suite.
Its technology helps miners with material management, mine optimisation, short-interval control, fleet management, and asset health diagnostics.
Terms of the deal were not disclosed but it does not change Weir’s full year revenue, operating profit, and leverage guidance as of 31 July.
Weir chief executive Officer Jon Stanton said: “The acquisition of Fast2Mine will accelerate our expansion into the South American mining software market, providing a strong and immediate presence in Brazil, home to some of the world’s largest mineral deposits.”
In February Weir acquired Australia-based mining technology company Micromine for £657m.
In June the company acquired two US-based engineering businesses producing products for minerals processing. Townley Engineering and Manufacturing Co and Townley Foundry & Machine Co had an enterprise value of £111m ($150m).
Weir, a former pumps manufacturer in Glasgow, no longer has engineering facilities in Scotland, with all its 150 employees north of the border employed in its head office and advanced research centre.
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