PRESS RELEASE: The completion follows regulatory clearance for the transaction, which was first announced in April.

Weir Group chief executive Jon Stanton said: "We are delighted to formally welcome ESCO to Weir. It is a great brand that is respected throughout the world for its quality, performance and reliability.

"ESCO's strength in extraction complements our leadership in the mill circuit, meaning that together we will have a comprehensive offering for mining companies around the world."

Current ESCO president and chief operating officer Jon Owens will continue to lead the business as it becomes a division of the Weir Group. He will also join Weir's Group executive committee with immediate effect.

ESCO has an extensive installed base of lip systems that house short-cycle consumables, such as teeth, shrouds, adaptors, blades and locking systems, with aftermarket sales representing 90% of ESCO revenues.

ESCO's extraction products sit upstream from Weir's traditional strength in slurry-handling equipment with brands including both Warman and GEHO pumps, Cavex hydrocyclones and Linatex rubber products.

ESCO was founded in Portland, Oregon, US, in 1913 and currently employs around 2,600 people with operations in 19 countries. In 2017 it generated revenues of US$632 million.

Joe Weber, vice-president of global sales for Weir's ESCO division, said: "As mining markets grow, customers are looking for partners they can trust to help them increase productivity and safety while also lowering their total cost of ownership. That requires a relentless focus on innovation, quality and close customer proximity, which are the hallmarks of the ESCO brand.

"As part of Weir we'll benefit from combining some of the world's leading materials scientists, applications engineers and developing digital technology to deliver increased innovation in the future, ensuring ESCO remains surface mining's preferred provider of ground engaging solutions."