DEERFIELD, Ill. — Leaders at Caterpillar say the acquisition of an oil and gas company will allow for the expansion of products and services offered to the well service industry.
Caterpillar announced early Monday an agreement to acquire the Oil and Gas division from Weir Group PLC. Weir Oil & Gas is based in Fort Worth, Texas. Over 40 Weir Oil & Gas manufacturing and service locations are part of the transaction. This includes about 2,000 employees.
The company is known for producing pumps, flow iron, consumable parts, wellhead, and pressure control products. Caterpillar officials say the line of products is serviced through an extensive global network of service centers.
“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 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.”
The deal is still pending the approval of Weir shareholders and is subject to review by various regulators. The purchase price was listed at $405-million.