The Weir Group has completed the sale of its oil and gas division to Caterpillar Inc.
The sale, for an enterprise value of $405 million (€342 million), subject to customary working capital and debt-like adjustments, was first announced at the end of last year and has since been approved by shareholders.
Weir Group CEO Jon Stanton said: “I would like to thank the oil and gas team for their magnificent contribution to Weir over the years. The sale delivers a great new home for the business and its people, and enables Weir to fully focus on our role as a provider of premium technology to global mining and infrastructure markets.”
In other developments within the company, Weir has launched the new Multiflo Mudflo hydraulic submersible slurry pump.
The pump has been engineered for abrasive applications and large particle handling.
It features a hydraulically driven wet-end specifically designed to efficiently and safely reprocess and relocate tailings ponds, maintain water retention dams and manage slimes and sludge ponds.
The innovative solution combines the Warman MGS pump-end, Multiflo CB32 hydraulic cutters and ESCO excavation teeth to provide efficient pumping of highly charged and abrasive slurries.
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