Stay Informed. Stay Competitive with FREE Insights on the Stock Market, Dow 30 & Emerging Opportunities. Get Free Email Updates

Stay Competitive With Stock Market Updates!

Get Free Updates

Caterpillar Acquiring Weir Oil & Gas In A $405 Million Deal

By John F. Heerdink, Jr.

As per reports, Caterpillar, Inc. (CAT) has entered a deal with Weir Group PLC, to acquire its Oil & Gas Division, “Weir Oil & Gas” for a purchase price of $405 million to be paid in cash.

Weir Group PLC is a Scotland-based global engineering business, headquartered in near Fort Worth, Texas. Its oil and gas division produces a full line of pumps, consumable parts, flow iron, wellhead, and pressure control products served by an extensive global network of service centers placed near customer operations. The deal includes more than 40 Weir Oil & Gas manufacturing and services locations and 2,000 employees approximately.

“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. This acquisition will expand our offerings to one of the broadest product lines in the well service industry.” stated Joe Creed, Vice President of Caterpillar’s Oil & Gas and Marine Division.

“We are pleased to have reached this agreement. Caterpillar is a great new home for Weir Oil & Gas, its world-class people, products, and services. It will enable Weir Oil & Gas to continue to flourish, ensuring the business remains at the forefront of innovation and customer service in the future.”  stated Jon Stanton, Weir Group CEO.

Morgan Stanley & Co. LLC is serving as Caterpillar’s financial advisor for the transaction. The deal awaits approval by Weir shareholders and is subject to review by other regulatory authorities as well as customary closing conditions.

Dow 30 Component Caterpillar, Inc. (CAT) is the world’s chief manufacturer of diesel and natural gas engines, construction and mining equipment, industrial gas turbines, and diesel-electric locomotives. Caterpillar, Inc. also works to make sustainable progress possible and contributes to driving positive change on every continent. To learn more about Caterpillar, Inc. (CAT) and to continue to track its progress please visit the Vista Partners Caterpillar, Inc. Coverage Page.

Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: www.vistapglobal.com with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.

Stay Informed! Stay Competitive! Please join us at Vista Partners and receive our FREE email updates throughout the week and view our exclusive content and research.

Post View Count : 582
(Read Original Story: Caterpillar Signs Agreement to Acquire Weir Oil & Gas in PR Newswire)


YOUR GUIDE TO STAYING INFORMED IN THE MARKETS

Subscribe for FREE Email Updates & Access To EXCLUSIVE Research!

Connect with us