Caterpillar Inc. has completed its acquisition of Glasgow-based Weir Group's oil and gas division and has launched a new subsidiary, SPM Oil & Gas.
Caterpillar
Credit: Caterpillar Inc.
The $405 million (€345 million) acquisition by Caterpillar was first announced in October 2020 after Weir's announcement earlier in the year that it would be divesting its oil and gas business to concentrate on mining technology.
The sale received approval from Weir shareholders in late November but is still subject to customary working capital and debt-like adjustments.
Read more: Caterpillar to acquire Weir's oil & gas division for $405m
Based near Fort Worth, Texas, SPM Oil & Gas will continue the same as it did as part of Weir Group, producing pumps, consumable parts, flow iron, wellhead and pressure control products which are offered via an extensive global network of service centres.
“Combining Weir Oil & Gas’ pressure pumping and pressure control portfolio with Cat engines and transmissions will provide additional value for our customers,” said Caterpillar group president, Joe Creed.
“This acquisition is consistent with our strategy of providing our customers expanded offerings and services which will now be one of the broadest in the well service industry.”
The sale includes more than 40 service centres and around 2,000 employees around the world.
“The creation of SPM Oil & Gas ensures the hard work accomplished by Weir Oil & Gas remains at the forefront of innovation and customer service,” said Jon Stanton, Weir Group CEO.
“The new organisation’s products and services along with its global reach provide an excellent customer experience and opportunity for growth.”
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