In an important empowerment transaction for leading minerals solution provider Weir Minerals Africa, the company’s South African operation, Weir Minerals South Africa, is now 25.1%-owned by black empowerment partner Medu Capital.
Finalised in Johannesburg in May 2020, the deal is another step in Weir Minerals Africa’s ongoing transformation journey.
The company has over the years made significant progress in terms of employment equity, skills development, preferential procurement and socio-economic development.
The conclusion of this transaction creates an organisational ownership structure that is more representative of the demographics of South Africa.
The deal has been facilitated by the creation of Weir Minerals South Africa (Pty) Ltd, whose assets include sales branches across the country, an assembly facility in Alrode, Gauteng, and a distributor network.
The initiative also further enhances the value proposition to customers in the mining industry as they work to support the imperatives of Mining Charter 3.
Part of the global Weir Group PLC, Weir Minerals Africa serves primarily the mining sector around Africa and the Middle East.
It also manufactures world-class mineral processing equipment for export to international group destinations.
Listed on the London Stock Exchange, Weir’s engineering heritage dates back over 140 years.
With its extensive local investment in skills, service capability and manufacturing capacity in South Africa, the Weir Group has always been supportive of local empowerment.
This transaction strengthens the company’s position as a local technology leader serving global markets.
Formed in 2003, Medu Capital is a 100% black-owned investment management company with a focus on private equity, and Weir Minerals Africa looks forward to Medu Capital becoming an active partner in guiding and fostering the future success of Weir Minerals South Africa.