Caterpillar Acquires Weir's Oil & Gas Division for $405 Million

Updated 7 months 1 week ago

Caterpillar signed an agreement in October 2020 to acquire the Oil & Gas division of Weir Group for $405 million in cash to be paid at closing. Headquartered near Forth Worth, Texas this business produces pumps, flow iron, consumable parts, wellhead, and pressure control products with 40 manufacturing and service locations and around 2,000 employees. This follows a February 2020 announcement that Weir would seek to sell the division in order to focus exclusively on mining equipment. Shareholders approved the deal in November. Morgan Stanley served as Caterpillar's exclusive advisor.

Joe Creed, Weir VP of Oil & Gas

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.