KUALA LUMPUR, Feb 4 — Scotland-based Weir Group Plc’s investment in Malaysia has reached RM1 billion, to date, making it the largest British company to invest in the country.

The investment included a US$200 million (approximately RM600 million) acquisition in Linatex Rubber Products Sdn Bhd in 2010, RM22 million acquisition in Cheong Foundry last year and the proposed investment of £70 million in Sendayan Technology Park, Negri Sembilan.

International Trade and Industry Minister Datuk Seri Mustapa Mohamed said the decision by Weir Group to invest in Malaysia was an endorsement of the country’s business friendly environment and quality workforce.

“Weir Group will double its workforce to 1,000 employees in two years. These are highly-skilled quality jobs that would help Malaysia move up the value chain to become a high-income nation by 2020,” he told reporters during a field visit to Linatex Rubber Products’ plant here today.

Present were British High Commissioner to Malaysia Simon Featherstone and Weir Group Chief Executive Officer Keith Cochrane.

Mustapa said the ministry was confident Weir Group’s investment in Malaysia would benefit the country in many ways especially in terms of enhanced exports.

He said the company exported 95 per cent of its products and would be one of the vital industrial players in Malaysia’s pursuit to increase the country’s export numbers in the long run.

“This is important as we aspire to enhance our exports. We are confident this company will help Malaysia achieve our export target.

“Although its (the company} contribution is small right now but the prospects of the oil and gas industry augured well for Weir Group,” he said.

Operating in more than 70 countries, Weir Group’s business profile included minerals, oil and gas, power and industrial. — Bernama