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Equipment Journal February 2, 2021 Caterpillar has completed its acquisition of Weir Oil and Gas, and has now launched SPM Oil and Gas. In October, Caterpillar announced it signed an agreement to acquire Weir Oil & Gas for $405 million from the Weir Group, a Scotland-based global engineering business. Headquartered in Texas, Weir Oil & Gas produces a full line of pumps, flow iron, consumable parts, wellhead and pressure control products that are serviced via a global network of service centres located near customer operations.  The transaction includes more than 40 global ser...

Weir completes sale of Oil & Gas to Caterpillar Inc. 02 Feb 2021 Caterpillar Inc. The sale, for an enterprise value of $405m, subject to customary working capital and debt-like adjustments, was first announced on 5 October 2020 and approved by Weir Shareholders on 23 November 2020.  Since then, the Group’s joint venture partner in Saudi Arabia-based Arabian Metals Company (AMCO) has exercised its pre-emption right, as set out in the Class 1 circular published on 3 November 2020, to purchase Weir’s 49% stake in AMCO.  Therefore, the cash proceeds from the sale of the division, subject t...

Weir finalizes sale of Oil & Gas division to Caterpillar 2 February 2021 Weir’s joint venture partner in Saudi Arabia-based Arabian Metals Co (AMCO) is buying the UK company’s 49% stake in AMCO. As a result, the cash proceeds from the sale of the Oil & Gas division, subject to customary working capital and debt-like adjustments, will be US$375 million from Caterpillar Inc and US$30 million on completion of the sale of AMCO, which is expected in the first half of this year. “I would like to thank the Oil & Gas team for their magnificent contribution to...

Weir Completes Oil & Gas Unit Sale To Caterpillar For USD405 Million Tue, 2nd Feb 2021 10:08 (Alliance News) - Weir Group PLC on Tuesday announced it has completed the USD405 million sale of its oil & gas division to Caterpillar Inc. Back in early October, Glasgow-based mining technology company Weir agreed to sell its entire oil & gas division to Deerfield, Illinois-based construction machinery firm Caterpillar for a USD405 million enterprise value, and said proceeds from the sale would be used to reduce the company's leverage. Weir noted in December that while a majority of regulatory clea...

Weir Group completes sale of oil and gas division to Caterpillar Glasgow-headquartered Weir Group has wrapped up the sale of its oil and gas division to US construction machinery and equipment giant Caterpillar. Weir Group news Register here for the Energy Voice daily newsletter, bringing you key news and insight from across the global energy landscape. Thank you for signing up to our newsletter. Something went wrong - please try again later. Sign Up Glasgow-headquartered Weir Group has wrapped up the sale of its oil and gas division to US construction machinery and equipment giant Cat...