Business

Caterpillar to buy Weir's oil and gas business

Posted October 04, 2020 11:00 pm

DEERFIELD - Caterpillar Inc. said Monday it has signed an agreement to acquire the Oil & Gas Division of Weir Group PLC, a Scotland-based engineering business, for $405 million.

The purchase price is to be paid in cash at closing. The transaction includes more than 40 Weir Oil & Gas manufacturing and services locations and about 2,000 employees. The acquisition requires approval by Weir shareholders and is subject to review by various regulatory authorities.

Headquartered near Fort Worth, Texas, the Weir oil and gas division produces a full line of pumps, flow iron, consumable parts, wellhead and pressure control products that are serviced via an extensive 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 Crede, vice president of 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."

Article Comments

Article Categories
Business Manufacturing

Article Comments

Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.