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ESCO Corp., one of Portland’s oldest manufacturing companies said it will be acquired for $1.285 billion by another maker of mining equipment, Scotland-based The Weir Group PLC.
The deal brings together two industry giants in the world of mining and construction tools in a move that ESCO Chairman and CEO Cal Collins said will strengthen the ESCO brand’s global reach.
Founded in 1913, ESCO manufactures ground-engaging tools used in mining and construction from its 70 plants and service facilities in 20 countries. It employs close to 365 people in Portland at its headquarters and manufacturing facilities in Northwest Portland. Of those employees, 90 are in manufacturing and related support positions and 275 work from the corporate office.
Once the deal closes — which is scheduled sometime in the third quarter this year — ESCO will continue to maintain its own brand and keep a presence in Portland, two things Collins said were important to the company in reaching the deal.