Weir says 'Yes' to acquisition

Weir says it is seeing an increase in demand for maintenance services for windfarms

Engineering firm Weir Group has bought a majority shareholding in the Spanish firm Ynfiniti Engineering Services (Yes).

Yes provides operating and maintenance services to the installed bases of wind turbines.

Weir has acquired 76% of Yes, with the current management team retaining the 24% balance - which Weir has an option to acquire within the next six years.

Based in Madrid, Yes has subsidiaries in Portugal, Italy and the USA.

It counts some of Europe's biggest companies among its customers, including Gamesa, Alstom and Iberdrola.

In conjunction with Yes, Weir has already been providing maintenance at ScottishPower's Clachan Flats wind farm in Argyll, which was built by Alstom.

Keith Cochrane, chief executive of Weir, said: "Wind power continues to be a key focus for renewable energy investment worldwide.

"Our power and industrial division is already seeing strengthening demand internationally for high quality maintenance and upgrade services for the increasing number of established wind farms.

"Yes will greatly complement Weir's offering to this fast developing renewable power aftermarket."