Weir to acquire KOP Surface Products
15 June 2017
The Weir Group plc is acquiring oil and gas technology provider KOP Surface Products from Norway’s Akastor ASA for USD $114 million in cash. KOP designs and manufactures wellheads, surface trees, valves and actuators and provides aftermarket services. KOP has a manufacturing facility in Batam, Indonesia, in addition to a network of sales and service offices in Asia Pacific and the Middle East.
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.