Weir buys US pump firm in £113m deal

ENGINEER Weir Group yesterday announced that it had bought Dallas pump maker Novatech for £113m.

The FTSE 100-listed company said the deal would give it a stronger foothold in the lucrative US oil and gas market.

Last November, Glasgow-based Weir acquired Texas-based Seaboard Holdings for £430m.

Novatech specialises in pumps which can work at high pressures and is already a supplier to Weir.

Weir chief executive Keith Cochrane said: “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.”

Shares in Weir closed up almost two per cent yesterday at £19.64.