Weir completes Seaboard acquisition

15th Dec 2011 07:12

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. 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