Difference between revisions of "Weir Group"
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| − | The '''Weir Group''' | + | 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.'<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== | ||
| + | {{Template:Fracking badge}}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> | |
| + | ===Anti-fracking 'spin beating science' in Scotland=== | ||
| + | In March 2015 Weir chief executive [[Keith Cochrane]] expressed his concern however that 'spin is beating science' in the debate over fracking in Scotland. He told a dinner of business leaders in Edinburgh that, | ||
| + | |||
| + | :I accept the issue is controversial and of course Scotland and the rest of the UK are perfectly within their rights to say no, he said. | ||
| + | |||
| + | :All I ask is that they do so on the basis of fact and reason rather than propaganda and spin. I'm afraid as I look at the recent debate unfold in Scotland in particular, I think the spinners are beating the scientists and we should all regret that. | ||
| − | : | + | He added: |
| + | |||
| + | :If there's one thing you learn quickly at the helm of an international business, it is just how fiercely competitive the global market place is. | ||
| + | |||
| + | :I have a real fear Scotland, and to some extent the UK, risk becoming too insular, too self-obsessed. While we look in the mirror, other countries are racing ahead.<ref> [http://www.bbc.com/news/uk-scotland-scotland-business-31733190 Head of Weir Group claims fracking 'spin is beating science'], BBC News Scotland Business section, 4 March 2015, accessed 10 March 2015 </ref> | ||
==Role in Iraq== | ==Role in Iraq== | ||
| Line 12: | Line 25: | ||
: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. | ||
| − | :'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. | + | :'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.' | ||
| − | :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. | + | :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: | ||
| − | ::'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'.<ref> | + | ::'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'.<ref> Corporate Watch [http://www.corporatewatch.org.uk/?lid=1871 WEIR -- REAPING THE BENEFITS OF WAR] Newsletter 25 >> 9 </ref> <ref> ALASTAIR REED [http://thescotsman.scotsman.com/business.cfm?id=291902005 End of an era as Weir announces Cathcart closure] T''he Scotsman'', Fri 18 Mar 2005 </ref> |
| − | |||
==People== | ==People== | ||
===Group executive=== | ===Group executive=== | ||
| − | *[[Keith Cochrane]] - CEO, originally joined as | + | |
| + | ====2014==== | ||
| + | *[[Keith Cochrane]] - CEO, originally joined as finance director in 2006, previously was chief executive of [[Stagecoach Group]] and worked for [[Arthur Anderson]] accountancy firm. Left to join contractor [[Carillion]] and was also appointed a non-executive director of UK fracking firm [[Third Energy]] in 2017. | ||
*[[Jon Stanton]] - Finance director | *[[Jon Stanton]] - Finance director | ||
*[[Steve Noon]] | *[[Steve Noon]] | ||
| Line 36: | Line 50: | ||
====Non-executive directors==== | ====Non-executive directors==== | ||
=====2014===== | =====2014===== | ||
| − | *[[Charles Berry]] | + | *[[Charles Berry]], chairman appointed 1 January 2014 |
| − | *[[Keith Cochrane]] | + | *[[Keith Cochrane]], Chief executive |
| − | *[[Melanie Gee]] | + | *[[Melanie Gee]], also a non-executive director of [[Drax Group]] plc |
| − | *[[Alan Ferguson]] | + | *[[Alan Ferguson]], a non-executive director of [[Johnson Matthey]] plc, [[Croda International]] plc and [[London Mining]] Plc, where he chairs the Audit Committee |
| − | *[[Jon Stanton]] | + | *[[Jon Stanton]], finance director |
| − | *[[Richard Menell]] | + | *[[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. |
| − | *[[Lord Robertson of Port Ellen]] | + | *[[Lord Robertson of Port Ellen]], since 2004. Also the Senior Independent Director. |
| − | * | + | *[[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 ( Cuadrilla chairman [[John Browne]] also sits on the latter). Mogford 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]]. |
| − | *[[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]]. | + | *[[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=== | ||
| Line 63: | Line 77: | ||
*[[All Party Parliamentary Group on Unconventional Oil and Gas]] - is a member of this APPG managed by lobbyists [[Edelman]] | *[[All Party Parliamentary Group on Unconventional Oil and Gas]] - is a member of this APPG managed by lobbyists [[Edelman]] | ||
*[[D Group]] | *[[D Group]] | ||
| + | *[[Task Force on Shale Gas]] (UK) - listed as a funder of this 'independent' group set up in October 2014, whose secretariat is lobbying and PR company [[Edelman]] | ||
| + | |||
| + | ==Resources== | ||
| + | See also JAMIE DETTMER Special to the Sun [http://www.nysun.com/article/5003 Companies That Broke Iraq Sanctions Awarded Contracts in Postwar Iraq] The New York Sun, November 18, 2004 edition | ||
==Notes== | ==Notes== | ||
<references/> | <references/> | ||
| − | |||
| − | |||
==Categories== | ==Categories== | ||
[[Category:Transnational Corporations]] | [[Category:Transnational Corporations]] | ||
| + | [[Category:Scotland]] | ||
[[Category:Fracking]] | [[Category:Fracking]] | ||
[[Category:Revolving Door]] | [[Category:Revolving Door]] | ||
| − | [[Category: | + | [[Category:Iraq]] |
Latest revision as of 14:25, 15 January 2018
The Weir Group plc is a UK-listed engineering company.
Contents
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
|
This article is part of the Spinwatch Fracking Portal and project |
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]
Anti-fracking 'spin beating science' in Scotland
In March 2015 Weir chief executive Keith Cochrane expressed his concern however that 'spin is beating science' in the debate over fracking in Scotland. He told a dinner of business leaders in Edinburgh that,
- I accept the issue is controversial and of course Scotland and the rest of the UK are perfectly within their rights to say no, he said.
- All I ask is that they do so on the basis of fact and reason rather than propaganda and spin. I'm afraid as I look at the recent debate unfold in Scotland in particular, I think the spinners are beating the scientists and we should all regret that.
He added:
- If there's one thing you learn quickly at the helm of an international business, it is just how fiercely competitive the global market place is.
- I have a real fear Scotland, and to some extent the UK, risk becoming too insular, too self-obsessed. While we look in the mirror, other countries are racing ahead.[3]
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:
People
Group executive
2014
- Keith Cochrane - CEO, originally joined as finance director in 2006, previously was chief executive of Stagecoach Group and worked for Arthur Anderson accountancy firm. Left to join contractor Carillion and was also appointed a non-executive director of UK fracking firm Third Energy in 2017.
- Jon Stanton - Finance director
- Steve Noon
- Dean Jenkins
- Pauline Lafferty
- Gavin Nicol - COO
- Keith Ruddock
- Andrew Neilson [6]
Non-executive directors
2014
- Charles Berry, chairman appointed 1 January 2014
- Keith Cochrane, Chief executive
- Melanie Gee, also a non-executive director of Drax Group plc
- Alan Ferguson, a non-executive director of Johnson Matthey plc, Croda International plc and London Mining Plc, where he chairs the Audit Committee
- Jon Stanton, finance director
- 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.
- Lord Robertson of Port Ellen, since 2004. Also the Senior Independent Director.
- 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 ( Cuadrilla chairman John Browne also sits on the latter). Mogford 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.
- 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.[7]
Past directors
Former
- Mark Selway Chief Executive
- Alan Mitchelson Director and Secretary
Non-executive directors
- Sir Robert Smith Chairman - until end December 2013
- Professor Ian Percy CBE Deputy Chairman & Senior Non-executive Director
- Stephen King Non-executive Director
- Christopher Clarke Non-executive Director
- Mike Dearden Non-executive Director
See also
Affiliations
- All Party Parliamentary Group on Unconventional Oil and Gas - is a member of this APPG managed by lobbyists Edelman
- D Group
- Task Force on Shale Gas (UK) - listed as a funder of this 'independent' group set up in October 2014, whose secretariat is lobbying and PR company Edelman
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
- ↑ Weir Group Group facts and figures, accessed February 2007
- ↑ Before you back Britain’s fracking boom, drill down into the details, Telegraph, 15 June 2014, acc same day
- ↑ Head of Weir Group claims fracking 'spin is beating science', BBC News Scotland Business section, 4 March 2015, accessed 10 March 2015
- ↑ Corporate Watch WEIR -- REAPING THE BENEFITS OF WAR Newsletter 25 >> 9
- ↑ ALASTAIR REED End of an era as Weir announces Cathcart closure The Scotsman, Fri 18 Mar 2005
- ↑ As of June 2014
- ↑ Directorate change, The Weir Group website, 10 December 2013 announcing appointment date as 1 January 2014, accessed 16 June 2014
