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| Version 1 | Version 2 |
|---|---|
| Former apprentice buys Weir pumps | Former apprentice buys Weir pumps |
| (about 7 hours later) | |
| Hundreds of jobs have been saved after one of Scotland's richest men bought the historic engineering business where he started his career. | Hundreds of jobs have been saved after one of Scotland's richest men bought the historic engineering business where he started his career. |
| Jim McColl, 55, who owns Clyde Blowers, bought Glasgow-based Weir Pumps in a £100m funding package. | Jim McColl, 55, who owns Clyde Blowers, bought Glasgow-based Weir Pumps in a £100m funding package. |
| The deal will see the firm incorporated into a new company, Clyde Pumps Ltd, and a new factory built in Glasgow. | The deal will see the firm incorporated into a new company, Clyde Pumps Ltd, and a new factory built in Glasgow. |
| Mr McColl said as a result of a strong order book, the company has a healthy workload for the next two years. | Mr McColl said as a result of a strong order book, the company has a healthy workload for the next two years. |
| The businessman was at number 10 in last month's Sunday Times Rich List for Scotland, with a fortune of £435m. | The businessman was at number 10 in last month's Sunday Times Rich List for Scotland, with a fortune of £435m. |
| Track record | Track record |
| He is regarded as one of Scotland's top engineers for what he has done at Glasgow-based engineering group Clyde Blowers and he was awarded an OBE in 2001. | He is regarded as one of Scotland's top engineers for what he has done at Glasgow-based engineering group Clyde Blowers and he was awarded an OBE in 2001. |
| Mr McColl started his career as an engineering apprentice with Weir Pumps. | Mr McColl started his career as an engineering apprentice with Weir Pumps. |
| "I am delighted to welcome Weir Pumps (Glasgow) into our portfolio of companies," he said. | "I am delighted to welcome Weir Pumps (Glasgow) into our portfolio of companies," he said. |
| There have been attempts to secure the future of Weir Pumps | |
| "Over two centuries, the business has demonstrated that it has an outstanding track record of designing innovative pumping solutions for customers across a wide range of industries. | "Over two centuries, the business has demonstrated that it has an outstanding track record of designing innovative pumping solutions for customers across a wide range of industries. |
| "We believe that this heritage, complemented by a highly skilled workforce, will provide us with a strong platform to significantly grow both market share and profitability." | "We believe that this heritage, complemented by a highly skilled workforce, will provide us with a strong platform to significantly grow both market share and profitability." |
| He added that a new "world-class" plant would be ready by the end of March 2009. " | He added that a new "world-class" plant would be ready by the end of March 2009. " |
| Weir Group announced a year ago it would be relocating Weir Pumps out of its Cathcart site in Glasgow by mid 2009. | Weir Group announced a year ago it would be relocating Weir Pumps out of its Cathcart site in Glasgow by mid 2009. |
| The unit makes custom-engineered pumps for the upstream oil and power generation markets. | The unit makes custom-engineered pumps for the upstream oil and power generation markets. |
| Weir said it would receive around £45 million for the business, which generated revenues of £70.5m and profits of £4.2m in 2006. | Weir said it would receive around £45 million for the business, which generated revenues of £70.5m and profits of £4.2m in 2006. |