Weir pays £113m for Texas firm
Glasgow engineering group Weir has acquired Dallas-based pump maker Novatech for £113m.
Novatech is already a long-standing supplier to Weir and makes valves for high pressure applications such as fracking.
Weir said the deal was part of an ongoing strategy and would give the group a greater presence in the non-conventional US oil and gas markets.
Last November Weir acquired Texas-based Seaboard Holdings for £430m.
Weir chief executive Keith Cochrane said: "This deal enables Weir to broaden our aftermarket expendable product portfolio in this fast-growing sector, where increasing operating intensities require equipment and components to be more regularly replaced and serviced.
"With the recent acquisition of Seaboard, this strengthens further Weir's presence in the North American unconventional oil and gas markets and builds a larger upstream product range to offer the developing international shale markets."
President, chairman and chief executive of Novatech, Starr L Pitzer Jr, said: "We have worked with Weir's upstream business as a supplier for a number of years and have come to know the company well and admire the way they operate.
"Through joining the Group, I believe that Weir's global sales and service networks will enable the business to grow, not only in North America, but also by taking Novatech products to international customers."