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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.