Based in York, Pennsylvania, american-hydro achieved sales of US$42.9m (£26.9m) in 2009 and had gross assets of US$29.2m (£18.3m) at 31 December 2009.
“American Hydro has a particular strength in improving the efficiency of existing stations, a field in which Weir has extensive experience in the UK and Canada,” commented Weir’s chief executive, Keith Cochrane. “Combined with American Hydro, we have the engineering depth and skills to accelerate our development in established hydro markets throughout the Americas and Europe, where there is great potential for electricity companies to improve renewable energy output in an economically attractive manner.”
Selim Chacour, president of American Hydro, added: “We have had an alliance with Weir in Canada for the last five years and prior co-operation on hydro projects in Scotland in the late 1990s. Through this we have come to know the group well. My business partners and I are confident that joining with Weir will see the business grow internationally, providing opportunity for employees and cost-effective upgrades for customers. We are very proud of the company we have built over the past 25 years and look forward to continuing to play our part in this new stage of American Hydro’s development.”
In conjunction with the acquisition of American Hydro, Weir is investing C$10m (£6m) in a new service centre in Montreal to support American Hydro’s sales growth in Canada.
