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British industrial machinery group Weir on Wednesday announced the purchase of US firm Seaboard Holdings for $675 million (500 million euros) to increase its presence in upstream oil and gas markets.
“The Weir Group PLC has agreed to acquire Seaboard Holdings Inc, an independent wellhead solutions provider focused on the growing North American unconventional oil and gas drilling and production markets,” a statement said.
Seaboard is based in Houston, Texas, and manufactures engineered wellhead and pressure control equipment for the oil and gas exploration and production industries.
The deal is expected to complete next month, subject to US regulatory approval.
Weir Group, which is based in Glasgow, Scotland, saw its shares drop 2.07 percent in Wednesday afternoon trade on London’s FTSE 100 index of leading companies, which was 0.78 percent lower.