Weir completes Seaboard acquisition

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The Weir Group, a FTSE 100 listed industrial engineer, has completed the acquisition of the wellhead solutions provider Seaboard Holdings for $675m.

The transaction was paid in cash and funded from new and existing bank facilities.

For the year to 31 December 2011, Seaboard is forecast to achieve proforma revenues of $216m and earnings before interest, tax, depreciation and amortisation of $58m. Its headquarters are located in Houston, Texas but the firm has over 20 locations covering the major oil & gas basins in North America. Seaboard employs approximately 400 people.

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Weir has previously said that it believes that "Seaboard's range of high-end surface equipment is directly adjacent to Weir's market leading portfolio of frac pumps and other well completion equipment."

NR/BS