The Weir Group has agreed to acquire Motion Metrics, a leading Canada-based global mining technology business, for an initial consideration of about $149 million in cash. The amount is payable in cash upon completion, and is subject to customary net debt and working capital adjustments.
Motion Metrics is the market leading developer of innovative artificial intelligence (AI) and 3-D rugged machine vision technology used in mines worldwide. 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.
Motion Metrics applications are highly complementary to Weir’s product portfolio. It will join the ESCO division reflecting the early adoption of its technology in ground engaging tools (GET) where ESCO is an established global leader. Motion Metrics AI and machine vision capabilities are expected to be leveraged across the whole mining value chain served by the Weir Group.
Motion Metrics was founded in 1999 by Dr. Shahram Tafazoli. In addition to its headquarters in Vancouver, Motion Metrics has offices in Chile, Australia, Brazil, Russia and South Africa. The business employs 125 people focused largely on research and development, alongside sales and field support. Tafazoli will continue to lead the business when the company joins the Weir Group.
Weir’s existing Canadian operations employ 600 people and include manufacturing facilities as well as sales and service centres. The company is celebrating 150 years in business.