Pump manufacturer Weir hit by cyber-attack
Industrial pump maker Weir Group suffered a sophisticated cyber-attack in September that forced it to isolate and shut down its core IT systems.
This resulted in temporary disruptions in engineering, manufacturing and shipment.
Jon Stanton, Weir’s CEO, said: “We responded quickly and comprehensively to what was a sophisticated external attack on our business. The robust action to protect our infrastructure and data has led to significant temporary disruption but our teams have responded magnificently to this challenge and have managed to minimise the impact on our customers. We will continue to focus on the safe restoration of all our systems whilst strengthening our future resilience even further.”
Weir’s operating profit impact for Q4 revenue is expected to be between £10 and £20 million (€11.8 to €23.5 million) for the 12 months, while the impact of overhead under-recoveries is expected to be between £10 million and £15 million (11.8 million to €17.6 million).
Stanton added: “More broadly, the continued strong demand across our markets in Q3, particularly for our more sustainable solutions, reinforces our view that Weir is ideally placed to benefit from a multi-decade growth opportunity, as the mining industry invests in expanding capacity while reducing its environmental impact. We remain on track to deliver our recently announced three-year performance goals that will see us increase revenues, expand margins and significantly reduce our environmental footprint.”
This resulted in temporary disruptions in engineering, manufacturing and shipment.
Jon Stanton, Weir’s CEO, said: “We responded quickly and comprehensively to what was a sophisticated external attack on our business. The robust action to protect our infrastructure and data has led to significant temporary disruption but our teams have responded magnificently to this challenge and have managed to minimise the impact on our customers. We will continue to focus on the safe restoration of all our systems whilst strengthening our future resilience even further.”
Weir’s operating profit impact for Q4 revenue is expected to be between £10 and £20 million (€11.8 to €23.5 million) for the 12 months, while the impact of overhead under-recoveries is expected to be between £10 million and £15 million (11.8 million to €17.6 million).
Stanton added: “More broadly, the continued strong demand across our markets in Q3, particularly for our more sustainable solutions, reinforces our view that Weir is ideally placed to benefit from a multi-decade growth opportunity, as the mining industry invests in expanding capacity while reducing its environmental impact. We remain on track to deliver our recently announced three-year performance goals that will see us increase revenues, expand margins and significantly reduce our environmental footprint.”
