Get FinancingCaterpillar To Acquire Pump & Pressure Control Equipment Manufacturer Weir Oil & Gas
Caterpillar has inked an agreement to buy pump and pressure control product maker Weir Oil & Gas in a $405 million cash deal. Based in the Fort Worth area in Texas, Weir Oil & Gas is a division of Scotland’s Weir Group PLC, an engineering and mining concern. Weir’s Oil & Gas Division employs about 2,000 workers and includes more than 40 production and service locations. The company also manufactures wellhead equipment, flow iron, and consumables for the energy sector.
Additional Value
“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,” says Caterpillar Oil & Gas and Marine Division Vice President Joe Creed. “This acquisition will expand our offerings to one of the broadest product lines in the well service industry.”
“We are pleased to have reached this agreement,” agrees Weir Group CEO Jon Stanton. “Caterpillar is a great new home for Weir Oil & Gas, its world-class people, products, and services.”
Digging For Green
For its part, the Weir Group will focus on becoming a mining pure play, having sold off its Flow Control division and having acquired surface mining tool manufacturer ESCO Corporation of Portland, Oregon, in 2018.
“It means Weir is ideally positioned to benefit from long-term structural demographic trends and climate change actions which will increase demand for essential metals that must also be produced more sustainably and efficiently,” Stanton says. “This will require the innovative engineering and close customer partnerships that define Weir, and it is why we are so excited about the future.”
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Source: Caterpillar