LONDON (ShareCast) - (Sharecast News) - Weir Group has agreed to buy Motion Metrics, a Canadian mining technology business, for up to £148m.
Motion Metrics is the market leading developer of innovative Artificial Intelligence (AI) and 3D rugged Machine Vision Technology used in mines worldwide, Weir said. Its technology helps miners increase safety, efficiency and sustainability of their operations.

As part of the agreement, Motion Metrics' Vancouver headquarters will become Weir's global centre for excellence in AI and Machine Vision technology.

Weir said Motion Metrics' applications are highly complementary to its product portfolio. It will join the ESCO division, reflecting the early adoption of its technology in ground engaging tools (GET).

In 2021, Motion Metrics generated revenues of £9m and was "modestly" profitable, Weir said.

Chief executive officer Jon Stanton said: "The combination of Weir and Motion Metrics will be extremely powerful and reflects our ambition to play a leading role in mining's technology transformation.

"Motion Metrics not only provides access to innovative and highly relevant technology that will accelerate growth in our ESCO division, but it also brings world-class expertise in AI, rugged 3D Machine Vision technology and data science that is applicable across the group. This acquisition is fully aligned with our strategy and our commitment to grow ahead of our markets, expand our margins and significantly reduce our customers' environmental footprint."

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