The Weir Group agreed to acquire Motion Metrics, a Canada-based mining technology business, for about $119.3 million.
Motion Metrics develops artificial intelligence (AI) and machine vision technology used in mines worldwide. For example, it makes a system that uses cameras for machine monitoring for comminution and other applications. The system analyzes the data using embedded and cloud-based machine learning to provide real-time feedback.
The feedback can help prevent downtime and support decision making for optimizing asset efficiency.
Motion Metrics will join the ESCO division, and its Vancouver headquarters will become Weir Group’s global center for excellence in AI and machine vision technology.
Weir Group said the development speaks to its ambition to play a leading role in mining’s technology transformation. “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,” Weir Group CEO Jon Stanton said.