Fortescue Metals Group to buy Williams Engineering

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Fortescue Metals Group to buy Williams Engineering

Fortescue Metals Group is going to buy Williams Advanced Engineering Limited WAE from private equity firm EMK Capital and Williams Grand Prix Engineering for 164 million US $222.15 million. One of the first major projects to be developed will be a battery electric train concept, details of which will be released in early 2022.

Fortescue Future Industries FFI and WAE will work together to decarbonise Fortescue and in turn the global heavy industry and hard to abate sectors, according to Fortescue chairman Andrew Forrest.

Australia's richest man, Forrest is looking to make the company the world's biggest green energy group, with a focus on hydrogen at its green power arm, FFI.

This acquisition and investment will allow the company to grow further to support the delivery of zero emission products and services across existing sectors, such as automotive, motorsport and off-highway and new sectors, according to Craig Wilson, WAE CEO.

The transaction, which will be funded from Fortescue's existing liquidity sources, is expected to be completed by the end of March.