Pumps & Valves

Clyde Pumps wins

Clyde PumpsCLYDE Pumps, the Glasgow-based business that entrepreneur Jim McColl bought from the Weir Group last year, has won a The contract, for nuclear plants in Fuqin and Jianshan, was signed last week. McColl said it was part of his aim to increase revenues in the business from $400m (£247m) to $2 billion by 2013.

“We aim to be in the top three in the world by then and the Chinese market is going to be very important to us,” he said. “We have already made significant inroads there through our existing joint venture.”
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The deal adds to an order book that guarantees work for the next two years at least. McColl said he was bullish about prospects for the company despite a general economic downturn. “The French government, the British government and the Chinese are all going to invest in new nuclear plants so there will be a lot of opportunities,” he said.

“A lot of the money being injected by governments into economies around the world is in infrastructure projects and that’s where we are.”

The pumps division is fast becoming one of the most significant parts of McColl’s Clyde Blowers empire.

The group is now one of Scotland’s biggest companies with a turnover of £1.2 billion.

McColl revealed that he is bringing back the division’s original name, Weir Pumps, as part of a rebranding following the recent £500m deal to buy the fluid and power division of US company Textron, which he completed in September.

McColl began his career with Weir Pumps as an apprentice 40 years ago.

The new pumps division will be called Clyde Union and the Scottish company will include the title “incorporating Weir Pumps”.

“We have a deal to use the Weir Pumps name for 25 years,” said McColl. “It is a powerful brand and opens doors around the world.”

In the year since the £48m purchase, Weir Pumps has increased its profit from £7.2m to £9.6m.

McColl said he did not need to make any other acquisitions to grow the company but had funds in place and was looking at a possible deal that would enhance its presence in the Middle East.

“We have a map with pins where all our pumps are and, as we are doing well in the after market, it might make sense to do something more in the Middle East,” he said. 
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