Caterpillar to buy Weir Oil & Gas

Caterpillar Inc has signed an agreement to acquire the oil and gas division of the Weir Group Plc, a Scotland-based global engineering business.

Headquartered near Fort Worth, Texas, Weir Oil & Gas produces a full line of pumps, flow iron, consumable parts, wellhead and pressure control products.

The purchase price of US$405 million is to be paid in cash at closing.

The acquisition requires approval by Weir shareholders and is subject to review by various regulatory authorities as well as customary closing conditions.

The transaction includes more than 40 manufacturing and services locations and about 2,000 employees.

Source: Offshore Magazine