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Weir Group reports stable revenues despite Covid-19 disruption Chief executive says the group delivered a "highly resilient performance in what was an extraordinary year" Updated Sign up to FREE email alerts from businessInsider - Subscribe When you subscribe we will use the information you provide to send you these newsletters. Your information will be used in accordance with ourPrivacy Notice. Thank you for subscribingWe have more newslettersShow meSee ourprivacy notice Weir Group has managed to maintain operating profits and margins, with around £40m of cost savings offsetting the impac...

SHARE February 9, 2021 Caterpillar has completed its acquisition of the Oil & Gas Division (“Weir Oil & Gas”) of the Weir Group PLC, a Scotland-based global engineering business. Headquartered near Fort Worth, Texas, SPM Oil & Gas will continue to produce a full line of pumps, flow iron, consumable parts, wellhead and pressure control products that are offered via an extensive global network of service centers.    “Combining Weir Oil & Gas’ pressure pumping and pressure control portfolio with Cat engines and transmissions will provide additional v...

Jon Stanton, chief executive, Weir Group WEIR Group has completed the sale of its oil and gas business. The Glasgow engineering giant has sold the loss-making division to Caterpillar Inc of the US in a deal worth $405 million (£314m). The deal was first announced in October and approved by Weir shareholders on November 23. Weir had put the divisin, which employs around 2,000 people, up for sale in February last year, after it was hit heavily by the downturn in the US shale market. The exit allows Weir to become a “pure play” mining technology business. Weir Group chief executi...

Press release content from PR Newswire. The AP news staff was not involved in its creation. Caterpillar Acquires Weir Oil & Gas, Launches SPM Oil & Gas February 2, 2021 GMT DEERFIELD, Ill., Feb. 2, 2021 /PRNewswire/ -- Caterpillar Inc. (NYSE:CAT) has completed its acquisition of the Oil & Gas Division (“Weir Oil & Gas”) of the Weir Group PLC, a Scotland-based global engineering business. Headquartered near Fort Worth, Texas, SPM Oil & Gas will continue to produce a full line of pumps, flow iron, consumable parts, wellhead and pressure control products that are offered via an extensive glo...

Weir Group Completes Sale Of Oil & Gas Division To Caterpillar For $405 Mln LONDON (dpa-AFX) - Weir Group PLC (WEIR.L) said it completed the sale of its Oil & Gas division to Caterpillar Inc. for an enterprise value of $405 million. The sale, which is subject to customary working capital and debt-like adjustments, was first announced on October 5, 2020 and approved by Weir Shareholders on November 23, 2020. Further, the company stated that the cash proceeds from the sale of the division, subject to customary working capital and debt-like adjustments, will be split between $375 million receiv...