Caterpillar (NYSE:CAT) inks agreement to acquire the Oil & Gas Division of the Weir Group PLC, a Scotland-based global engineering business. Weir Oil & Gas produces a full line of pumps, flow iron, consumable parts, wellhead and pressure control products.
The purchase price of $405M is to be paid in cash at closing. The transaction includes more than 40 Weir Oil & Gas manufacturing and services locations and approx. 2,000 employees.