DEERFIELD (WSIL) -- Caterpillar Inc. is set to acquire Weir Oil & Gas for $405 million.
Caterpillar announced the acquisition Monday.
Weir Oil & Gas, headquartered near Fort Worth, Texas, produces pumps, flow iron, consumable parts, well head and pressure control products, according to the announcement.
"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," said Joe Creed, vice president of Caterpillar's Oil & Gas and Marine Division. "This acquisition will expand our offerings to one of the broadest product lines in the well service industry."
The acquisition still needs to be approved by Weir shareholders and reviewed by various regulatory authorities.
The transaction includes more than 40Â Weir Oil & Gas manufacturing and services locations and approximately 2,000 employees.
