Weir Spends $176M For Fracking Equipment Co.

Law360, New York (January 25, 2012, 5:07 PM EST) -- U.K. engineering firm The Weir Group PLC has acquired oil and gas valve manufacturer Novatech LLC for $176 million as part of plans to bore further into U.S. hydaulic fracturing markets, Weir said Wednesday.

The cash deal for Texas-based Novatech will be immediately earnings accretive and will be funded through existing debt facilities, Weir said. The buyer, which supplies valves and pumping equipment to the mining and energy industries, said it expected to complete the sale in February.

The purchase is aimed to give Weir a...
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