By Arno Schuetze and Ben Martin
LONDON (Reuters) – British engineer Weir <WEIR.L> has launched the sale of its flow control business in a move that could value the supplier of pumps and valves at more than 300 million pounds ($ 389 million), according to sources with knowledge of the matter.
Bankers for the FTSE 250 listed company have sent out confidential information about the division to prospective buyers ahead of an auction of the business, two sources told Reuters.
The unit is expected to generate core earnings of 38 million pounds next year and first round bids are due on Nov. 9, according to one of the sources. Goldman Sachs is handling the sale.