Caterpillar, Deerfield, Ill., has entered into an agreement to acquire Weir Oil & Gas, Fort Worth, Texas, a division of the Weir Group PLC, a Scotland-based global engineering business. The purchase price of $405 million is to be paid in cash at closing.
Weir Oil & Gas produces a full line of pumps, flow iron, consumable parts, and wellhead and pressure control products that are serviced via an extensive global network of service centers located near customer operations.
“Combining Weir Oil & Gas’s established pressure pumping and pressure control portfolio with Cat’s engines and transmissions enables us to create additional value for customers,” said Joe Creed, vice president, Caterpillar’s Oil & Gas and Marine Division. “This acquisition will expand our offerings to one of the broadest product lines in the well service industry.”
The acquisition requires approval by shareholders and is subject to review by various regulatory authorities as well as customary closing conditions. The transaction includes more than 40 Weir Oil & Gas manufacturing and services locations and approximately 2,000 employees.
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