The Weir Group plc, with headquarters located in Houston, Texas, has announced it will acquire oil and gas technology provider KOP Surface Products from Norway’s Akastor ASA for USD $114 million in cash. KOP designs and manufactures valves, actuators, wellheads and surface trees and provides aftermarket services.
Under Weir ownership, KOP’s current management team will continue to lead the business, reporting into Weir’s Oil & Gas division. The deal is expected to be completed in the third quarter of 2017.
Weir Group Chief Executive Jon Stanton said: “KOP is a great company with a strong management team that we have admired for some time. It is a natural fit for Weir and extends our range of wellhead and other pressure control solutions.