NYSE-listed Caterpillar on Monday announced the $405-million cash acquisition of the oil and gas division of global engineering group Weir.
Headquartered near Fort Worth, Texas, Weir’s oil and gas division produces a full line of pumps, flow iron, consumable parts, wellhead and pressure control products that are serviced through a global network of service centres 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 Caterpilllar oil, gas and marine division VP Joe Creed.
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 Weir Oil & Gas manufacturing and services locations and about 2 000 employees.