“We are delighted to have reached this agreement. Caterpillar is a great new home for Weir Oil and Gas, its first-class people, products and services,” said Jon Stanton, CEO of The Weir Group. “This will allow Weir Oil and Gas to continue to thrive and keep the business at the forefront of innovation and customer service.” “We are pleased to have concluded this agreement, which provides the oil and gas sectors with an excellent focus and maximizes value for our stakeholders. In addition to the sale of the Flow Control division and the acquisition of ESCO, this is an important step in transforming the group into a cutting-edge technology business. The group announced plans to sell Weir Oil and Gas to Caterpillar Inc. for an enterprise value of $405 million. Caterpillar is taking advantage of its strong balance sheet to complete this acquisition, which supports the company`s strategy. About Weir Oil – Gas Weir Oil – Gas is a division of Weir Group PLC, the global engineering business based in Scotland, with subsidiaries in more than 50 countries. The division is headquartered in Fort Worth, Texas, and is a leading provider of pressure pumps, pressure control and after-sales services to upstream oil and gas customers in North America and internationally. In February 2020, The Weir Group PLC announced its intention to sell the Oil and Gas division to pure mining technology, which offers sophisticated solutions ranging from extraction to concentration and tazling management. Founded in 1871, The Weir Group PLC has been listed on the London Stock Exchange since 1946. For more information, see www.global.weir.
A brief pre-recorded presentation on the most important concepts of the dam transaction and the future of the dam as a pure mining technique can be found at www.investors.weir. Weir Group PLC (“Weir” or “the group”) is pleased to announce that it has entered into an agreement for the barbaric sale of its entire Oil and Gas business to Caterpillar Inc. for an enterprise value of $405 million ($314 million) 1, subject to customary working capital and closing debt adjustments (the “transaction”). DEERFIELD, ILL. – Caterpillar Inc. (NYSE: CAT) has signed an agreement to acquire the Oil and Gas (“Weir Oil and Gas” division of Weir Group PLC, a global engineering company based in Scotland. Located near Fort Worth, Texas, Weir Oil and Gas produces a full range of pumps, water irons, consumables, drill head control products and printing products, maintained by a vast global network of service centers close to corporate customers. The purchase price of $405 million must be paid in cash at the end. The acquisition is subject to the agreement of Weir shareholders and is subject to verification by various supervisory authorities as well as normal closing conditions. The transaction includes more than 40 production and service sites of Weir Oil and Gas and approximately 2,000 employees. Jon Stanton, Chief Executive Officer of Weir Group, said: “Weir is ideally positioned to take advantage of long-term structural demographic trends and climate change measures that will increase demand for essential metals, which will also need to be produced more sustainably and efficiently.