Engineering company Weir Group has acknowledged it was the victim of a ransomware attack that will likely affect revenue for the third quarter of the year.
The attack took place in the second half of September and forced the company to isolate and shut down some of its systems, including “core Enterprise Resource Planning (ERP) and engineering applications.”
The Glasgow, UK-based company says that, while the action it took to contain the incident was prompt and robust, some of the affected applications have not yet been fully restored.
“These applications are now restored on a partial basis, and other applications are being brought back online in a progressive manner in order of business priority,” Weir Group said in a statement.
Because of these actions, Weir Group continues to experience disruptions to engineering, manufacturing and shipment. These also resulted in “revenue deferrals and overhead under-recoveries,” the company notes.
“Effective capabilities are being progressively restored in the coming weeks but the consequences of the operational disruption and associated inefficiencies are expected to continue into the fourth quarter,” the company says.
While orders for the third quarter of the year haven’t been affected by the incident, a negative impact on revenue is expected.
“While the bulk of the missed September revenue is expected to be shipped in Q4 it is likely that the temporary disruption to our end-to-end value chain will cause some slippage of Q4 revenues into 2022 together with some overhead under-recovery,” the company said.
Weir Group is a Scottish multinational engineering company that serves the minerals and mining technology markets. The company was founded in 1871 and has over 15,000 employees.
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