Swiss bid £48m for Glasgow firm

Weir Pumps is to close its Cathcart site in two years.

A Glasgow-based engineering company could be bought over by a Swiss firm in a £48m deal, it has been revealed.

The Weir Group said discussions with Sulzer AG to sell Weir Pumps, which is based in the south side of Glasgow, were at an advanced stage.

The firm manufactures custom-engineered pumps and 596 staff would transfer to Sulzer under any deal.

The Weir Group warned of "significant operational redundancies" in the run up to closing the factory in 2009.

The Glasgow site has been sold for redevelopment and the new group would need to relocate.

It is understood there would be no immediate redundancies as the firm said it had a full order book for this year and next.

Mark Selway, chief executive, said: "Weir Pumps business represents 8% of Weir Group revenue and a lower percentage of annual profits.

"The business competes in the global marketplace against manufacturers who have an established presence in low cost countries.

"Sulzer will be better placed to realise the potential of the engineered pumps business and that this sale will represent the best way forward for the business and shareholders alike."

About 116 staff employed by Weir Services Division in Glasgow will remain part of Weir Group.