Summary
THE City moved swiftly yesterday to raise its 2010 profit forecast for Weir Group after the Glasgow-based engineering company, fresh from promotion to the prestigious FTSE-100 share index, said earnings would be ahead of its previous expectations.
Keith Cochrane, chief executive of Weir, highlighted the potential for the company in supplying the pumps used by oil companies which are ramping up their efforts to extract oil and natural gas liquids from shale formations.See the full content of this document
Extract
Weir Upbeat About Earnings As Focus Switches to Shale Oil
Mr Cochrane highlighted not only the brisk activity in this area in North America but also moves by companies to undertake such drilling in eastern Europe. He also flagged China's statement of its ambitions to exploit it...
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