Wednesday, 23 November 2011

Weir Group buy US firm

Engineering firm Weir Group has bought America's Seaboard Holdings, in a deal worth £430m.

The deal will boost its presence in the booming shale oil and gas industry in the US.

Texas-based Seaboard's expertise lies in "fracking", or fracturing, of shale formations to develop "unconventional" reserves of oil and gas.

Glasgow-based Weir said the deal would be complementary to its current business.

It said there had been "rapid growth" in demand for Seaboard's products and services.

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