Founded in Glasgow by brothers James and George Weir in 1871, over 150 years Weir has evolved into a focused, high quality mining technology business, providing mission-critical solutions for smarter, more efficient and sustainable mining to a global customer base.
Weir’s purpose is to “enable the sustainable and efficient delivery of the natural resources essential to create a better future for the world”. We do this by focusing on what makes us distinctive, as expressed in our ‘We are Weir’ strategic framework that informs decision making across the organisation.
In order to ensure everyone in the business has a stake in Weir’s long-term success every Weir colleague is given the opportunity to become a co-owner of the business, supported by free shares as part of our Weir ShareBuilder programme.
Weir’s innovative engineering provides solutions to critical challenges within the mining supply chain. It is the only provider of market-leading solutions from pit to processing. Its differentiated technology is used in highly abrasive from extraction to concentration and tailings management..
Circa 75% of Weir’s £2+billion annual revenues are derived from its best-in-class recurring aftermarket spares and service model, with the balance coming from the supply of the original equipment.
Aftermarket demand is underpinned by long-term trends including ore grade declines that mean more material needs to be processed, increasing wear and driving demand for consumables. Given the mission-critical importance of Weir’s technology to customers’ ongoing production, the ability to provide comprehensive service and support is essential and Weir has an extensive global service network covering every major mining region in the world.
Demand for Weir’s products and services is underpinned by positive long-term structural growth trends stemming from the drive to decarbonise economic activity, and the continued growth in population and urbanisation.
Robust demand is expected for minerals essential for electricity transmission and storage, for electric vehicles, and for renewable energy plants. Metals such as copper, steel, lithium, and nickel are all vital to this transition to a clean energy economy. Meanwhile demand for raw materials such as iron ore, to support economic growth and infrastructure investment, is also expected to grow.
As the mining industry seeks to meet this demand, the way these essential resources are produced needs to change, requiring a technology transformation in the industry to help it reduce its own emissions and operate more sustainably.
Weir’s technology makes mining processes smarter, more efficient and sustainable and this strategic focus is therefore closely aligned to miners’ key priorities. As a leader in its industry, Weir has strong positions in these critical mining markets with, for example, Weir technology being used to process the majority of the world’s mined copper.
Weir’s differentiated aftermarket, service and technology offering underpins its ability to deliver sector leading performance through the cycle, founded on:
In March 2021 Weir set itself the targets of growing ahead of its markets and expanding its operating margin by 150 bps on current mix in the three year period 2021-2023, while improving returns on capital and making its own operations more energy efficient.
Focused on attractive markets underpinned by global demographic trends and the transition to a low carbon economy, Weir provides investors with exposure to the growth opportunity created by the essential technology transition now underway within the global mining industry