Difference between revisions of "Weir Group"

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The '''Weir Group''' PLC is a UK-listed engineering company. It was founded in 1871 and listed on the [[London Stock Exchange]] in 1947. According to its website in 2007 Weir employed 'just under 8,000 people worldwide across five divisions, in closely aligned, independently successful companies, each with leading brand name products in their own sectors.'<ref> Weir Group [http://www.weir.co.uk/Group/home.nsf/luPages/profilefactsheet Group facts and figures], accessed February 2007 </ref>
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The '''Weir Group''' PLC is a UK-listed engineering company.  
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==Background==
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Weir was founded in 1871 and listed on the [[London Stock Exchange]] in 1947. According to its website in 2007 the company employed 'just under 8,000 people worldwide across five divisions, in closely aligned, independently successful companies, each with leading brand name products in their own sectors.'<ref> Weir Group [http://www.weir.co.uk/Group/home.nsf/luPages/profilefactsheet Group facts and figures], accessed February 2007 </ref>
  
 
==Benefiting from the shale gas bonanza==
 
==Benefiting from the shale gas bonanza==
  
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Weir Group is considered a 'pre-eminent equipment supplier in the field of fracking'. It provides pumps for the US shale industry, and would be well placed to also benefit if fracking takes off in the UK according to the ''Telegraph'' newspaper in June 2014.  
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The Weir Group is considered a 'pre-eminent equipment supplier in the field of fracking'. It provides pumps for the US shale industry, and would be well placed to also benefit if fracking takes off in the UK according to the ''Telegraph'' newspaper in June 2014.  
  
 
:[Its] shares at £26.59 are currently trading on a price-earnings (p/e) ratio of 18 times, having risen almost 25pc in the year to date, and look up with events so remain a hold. <ref> [http://www.telegraph.co.uk/finance/personalfinance/investing/10901879/Before-you-back-Britains-fracking-boom-drill-down-into-the-details.html Before you back Britain’s fracking boom, drill down into the details], ''Telegraph'', 15 June 2014, acc same day </ref>
 
:[Its] shares at £26.59 are currently trading on a price-earnings (p/e) ratio of 18 times, having risen almost 25pc in the year to date, and look up with events so remain a hold. <ref> [http://www.telegraph.co.uk/finance/personalfinance/investing/10901879/Before-you-back-Britains-fracking-boom-drill-down-into-the-details.html Before you back Britain’s fracking boom, drill down into the details], ''Telegraph'', 15 June 2014, acc same day </ref>
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:Supported by the British government, Weir – Scotland's 20th largest company – is playing a key role in economic imperialism and feeding the west's oil addiction.
 
:Supported by the British government, Weir – Scotland's 20th largest company – is playing a key role in economic imperialism and feeding the west's oil addiction.
  
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:'I don't often praise the government, but thanks to the efforts of [DTI secretary] [[Patricia Hewitt]] we got the right introductions. A couple of months ago we had our guys in Washington DC talking to Halliburton and other companies about this work, and the government put forward our name at the very highest levels. We hope to see more outcomes like this contract.' [[Mark Selway]], Chief Executive of the Weir Group.
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:'I don't often praise the government, but thanks to the efforts of [DTI secretary] [[Patricia Hewitt]] we got the right introductions. A couple of months ago we had our guys in Washington DC talking to [[Halliburton]] and other companies about this work, and the government put forward our name at the very highest levels. We hope to see more outcomes like this contract.' [[Mark Selway]], Chief Executive of the Weir Group.
  
 
:Selway was commenting on the occasion when, in 2003, Weir became the first Scottish company to win 'reconstruction' contracts in Iraq: assessing the state of Iraq's oilfields and providing equipment for oil extraction. Weir had already been involved in Iraqi oil extraction for fifty years. As [[Peter Syme]], Weir's managing director of engineering services, said, 'There is a lot of potential for us in the power market because a lot of the equipment that Iraq bought to operate its plants was made by us. We'd be upgrading our own infrastructure.'
 
:Selway was commenting on the occasion when, in 2003, Weir became the first Scottish company to win 'reconstruction' contracts in Iraq: assessing the state of Iraq's oilfields and providing equipment for oil extraction. Weir had already been involved in Iraqi oil extraction for fifty years. As [[Peter Syme]], Weir's managing director of engineering services, said, 'There is a lot of potential for us in the power market because a lot of the equipment that Iraq bought to operate its plants was made by us. We'd be upgrading our own infrastructure.'
  
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:Oil pumping equipment was not the only thing Weir was providing pre-invasion Iraq with. In 2004 Weir came to public attention as one of many western companies which had been colluding with Saddam Hussein's abuse of the UN's Oil for Food programme – assisting Saddam in filling his own pockets rather than spending money on essential food and medical equipment for Iraqi people. The company admitted that it was unable to account for £4.2 million. As it becomes increasingly clear that the war in Iraq is not over, and that the occupying troops are not in control of the situation, contracts become more difficult to keep. Weir's initial Halliburton contract was expected to open up a multi billion pound market, but in May 2005 Selway said the company would lose £20 million due to 'instability' in Iraq. Weir has laid off over 300 workers in Scotland and more around the UK, and even the management's fat cat wages have gone down after an increase in 2004.
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:Oil pumping equipment was not the only thing Weir was providing pre-invasion Iraq with. In 2004 Weir came to public attention as one of many western companies which had been colluding with [[Saddam Hussein]]'s abuse of the UN's Oil for Food programme – assisting Saddam in filling his own pockets rather than spending money on essential food and medical equipment for Iraqi people. The company admitted that it was unable to account for £4.2 million. As it becomes increasingly clear that the war in Iraq is not over, and that the occupying troops are not in control of the situation, contracts become more difficult to keep. Weir's initial Halliburton contract was expected to open up a multi billion pound market, but in May 2005 Selway said the company would lose £20 million due to 'instability' in Iraq. Weir has laid off over 300 workers in Scotland and more around the UK, and even the management's fat cat wages have gone down after an increase in 2004.
  
 
:The Weir Group also continues to provide oil pumping equipment in Sudan, where according to a Christian Aid report, 'Troops are terrorising civilians, burning homes and attacking villages in a war for oil.' Sudan's first export of crude oil in 1999 marked a turning point in an already complex civil war, with oil becoming the main objective and primary cause. Oil revenues are used by the government to buy weapons and ammunition, and the expansion of of oil extraction precipitates violent evictions. According to a former Sudanese governor, who had just managed to escape with his life:
 
:The Weir Group also continues to provide oil pumping equipment in Sudan, where according to a Christian Aid report, 'Troops are terrorising civilians, burning homes and attacking villages in a war for oil.' Sudan's first export of crude oil in 1999 marked a turning point in an already complex civil war, with oil becoming the main objective and primary cause. Oil revenues are used by the government to buy weapons and ammunition, and the expansion of of oil extraction precipitates violent evictions. According to a former Sudanese governor, who had just managed to escape with his life:
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====Non-executive directors====  
 
====Non-executive directors====  
 
=====2014=====
 
=====2014=====
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*[[Charles Berry]] - Chairman appointed 1 January 2014
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*[[Charles Berry]], chairman appointed 1 January 2014
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*[[Keith Cochrane]] - Chief executive
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*[[Keith Cochrane]], Chief executive
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*[[Melanie Gee]] - also a Non-Executive Director of [[Drax Group]] plc
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*[[Melanie Gee]], also a non-executive dDirector of [[Drax Group]] plc
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*[[Alan Ferguson]] - a non-executive director of [[Johnson Matthey]] plc, [[Croda International]] plc and [[London Mining]] Plc, where he chairs the Audit Committee  
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*[[Alan Ferguson]], a non-executive director of [[Johnson Matthey]] plc, [[Croda International]] plc and [[London Mining]] Plc, where he chairs the Audit Committee  
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*[[Jon Stanton]] - Finance director
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*[[Jon Stanton]], finance director
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*[[Richard Menell]] - a Non-Executive Director of [[Gold Fields]] Ltd and [[Sibanye Gold]] Limited, both South African companies listed on the Johannesburg Stock Exchange and the New York Stock Exchange, and [[Rockwell Diamonds]] Inc.
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*[[Richard Menell]], a non-executive Director of [[Gold Fields]] Ltd and [[Sibanye Gold]] Limited, both South African companies listed on the Johannesburg Stock Exchange and the New York Stock Exchange, and [[Rockwell Diamonds]] Inc.
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*[[Lord Robertson of Port Ellen]] - since 2004. Also the Senior Independent Director.  
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*[[Lord Robertson of Port Ellen]], since 2004. Also the Senior Independent Director.  
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*([[John Mogford]] - formerly [[BP]] for 30 years. Currently a Managing Director for [[First Reserve]], a large global energy focused private equity firm. As part of this role he sits on several boards. John is Chairman of [[CHC Helicopters]] SA in Luxembourg, [[Amromco Energy]] LLC in Romania and [[White Rose Energy Ventures]] LLP in the UK. He is also a Non-Executive Director of [[Deep Gulf Energy LP]] in America, [[DOF Subsea]] AS in Norway and [[Midstates Petroleum]], Inc, a US company listed on the [[New York Stock Exchange]].
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*([[John Mogford]] - formerly [[BP]] for 30 years. Currently amanaging director for [[First Reserve]], a large global energy focused private equity firm. As part of this role he sits on several boards. John is Chairman of [[CHC Helicopters]] SA in Luxembourg, [[Amromco Energy]] LLC in Romania and [[White Rose Energy Ventures]] LLP in the UK. He is also a non-executive Director of [[Deep Gulf Energy LP]] in America, [[DOF Subsea]] AS in Norway and [[Midstates Petroleum]], Inc, a US company listed on the [[New York Stock Exchange]].
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*[[Mary Jo Jacobi]] appointed 1 January 2014. Jacobi is on the board of the UK government's [[Advisory Committee on Business Appointments]].  She is currently Managing Director of her own consultancy practice and a Non-Executive Director of [[Mulvaney Capital Management]]. She is a Senior Associate of The [[Leadership Council]] and holds several advisory and consultancy roles in the not for profit sector.<ref> [http://www.weir.co.uk/media/press-releases/news/2013/12/directorate-change Directorate change], The Weir Group website, 10 December 2013 announcing appointment date as 1 January 2014, accessed 16 June 2014 </ref>
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*[[Mary Jo Jacobi]] appointed 1 January 2014. Jacobi is on the board of the UK government's [[Advisory Committee on Business Appointments]].  She is currently Managing Director of her own consultancy practice and a Non-Executive Director of [[Mulvaney Capital Management]]. She is a Senior Associate of The [[Leadership Council]] and holds several advisory and consultancy roles in the not for profit sector.<ref> [http://www.weir.co.uk/media/press-releases/news/2013/12/directorate-change Directorate change], The Weir Group website, 10 December 2013 announcing appointment date as 1 January 2014, accessed 16 June 2014 </ref>
  
 
===Past directors===
 
===Past directors===
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==Categories==
 
==Categories==
 
[[Category:Transnational Corporations]]
 
[[Category:Transnational Corporations]]
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[[Category:Scotland]]
 
[[Category:Fracking]]
 
[[Category:Fracking]]
 
[[Category:Revolving Door]]
 
[[Category:Revolving Door]]
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[[Category:Scotland]]
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[[Category:Iraq]]

Revision as of 03:23, 22 October 2014

The Weir Group PLC is a UK-listed engineering company.

Background

Weir was founded in 1871 and listed on the London Stock Exchange in 1947. According to its website in 2007 the company employed 'just under 8,000 people worldwide across five divisions, in closely aligned, independently successful companies, each with leading brand name products in their own sectors.'[1]

Benefiting from the shale gas bonanza

The Weir Group is considered a 'pre-eminent equipment supplier in the field of fracking'. It provides pumps for the US shale industry, and would be well placed to also benefit if fracking takes off in the UK according to the Telegraph newspaper in June 2014.

[Its] shares at £26.59 are currently trading on a price-earnings (p/e) ratio of 18 times, having risen almost 25pc in the year to date, and look up with events so remain a hold. [2]

Role in Iraq

According to Corporate Watch:

Supported by the British government, Weir – Scotland's 20th largest company – is playing a key role in economic imperialism and feeding the west's oil addiction.
'I don't often praise the government, but thanks to the efforts of [DTI secretary] Patricia Hewitt we got the right introductions. A couple of months ago we had our guys in Washington DC talking to Halliburton and other companies about this work, and the government put forward our name at the very highest levels. We hope to see more outcomes like this contract.' Mark Selway, Chief Executive of the Weir Group.
Selway was commenting on the occasion when, in 2003, Weir became the first Scottish company to win 'reconstruction' contracts in Iraq: assessing the state of Iraq's oilfields and providing equipment for oil extraction. Weir had already been involved in Iraqi oil extraction for fifty years. As Peter Syme, Weir's managing director of engineering services, said, 'There is a lot of potential for us in the power market because a lot of the equipment that Iraq bought to operate its plants was made by us. We'd be upgrading our own infrastructure.'
Oil pumping equipment was not the only thing Weir was providing pre-invasion Iraq with. In 2004 Weir came to public attention as one of many western companies which had been colluding with Saddam Hussein's abuse of the UN's Oil for Food programme – assisting Saddam in filling his own pockets rather than spending money on essential food and medical equipment for Iraqi people. The company admitted that it was unable to account for £4.2 million. As it becomes increasingly clear that the war in Iraq is not over, and that the occupying troops are not in control of the situation, contracts become more difficult to keep. Weir's initial Halliburton contract was expected to open up a multi billion pound market, but in May 2005 Selway said the company would lose £20 million due to 'instability' in Iraq. Weir has laid off over 300 workers in Scotland and more around the UK, and even the management's fat cat wages have gone down after an increase in 2004.
The Weir Group also continues to provide oil pumping equipment in Sudan, where according to a Christian Aid report, 'Troops are terrorising civilians, burning homes and attacking villages in a war for oil.' Sudan's first export of crude oil in 1999 marked a turning point in an already complex civil war, with oil becoming the main objective and primary cause. Oil revenues are used by the government to buy weapons and ammunition, and the expansion of of oil extraction precipitates violent evictions. According to a former Sudanese governor, who had just managed to escape with his life:
'Without British technology, that oil cannot come out of the ground and it cannot be pumped through the pipe-line. Supporting the oil industry is supporting war... People will fight back because this is their land, More death, more killing, more suffering to the civilian population'.[3] [4]

People

Group executive

Non-executive directors

2014

Past directors

Former

Non-executive directors

See also

Affiliations

Resources

See also JAMIE DETTMER Special to the Sun Companies That Broke Iraq Sanctions Awarded Contracts in Postwar Iraq The New York Sun, November 18, 2004 edition

Notes

  1. ↑ Weir Group Group facts and figures, accessed February 2007
  2. ↑ Before you back Britain’s fracking boom, drill down into the details, Telegraph, 15 June 2014, acc same day
  3. ↑ Corporate Watch WEIR -- REAPING THE BENEFITS OF WAR Newsletter 25 >> 9
  4. ↑ ALASTAIR REED End of an era as Weir announces Cathcart closure The Scotsman, Fri 18 Mar 2005
  5. ↑ As of June 2014
  6. ↑ Directorate change, The Weir Group website, 10 December 2013 announcing appointment date as 1 January 2014, accessed 16 June 2014

Categories

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