Vulcan Energy gets $106 million funding from German ministry
Shares of Vulcan Energy surged as much as 16.8% to a more than 18-month high on Tuesday.
Heavy-duty equipment for the oil and mining sectors Weir Group has bought a leading Singapore-based oil and gas technology provider for $114 million (£89m) in cash, in a move aimed at strengthening the firm’s position amid a recovery in energy markets.
Weir, which has a strong presence in North America and the Middle East, said the acquisition of KOP Surface Products rom Norway’s Akastor expands its range of pressure control technologies.
Jon Stanton, chief executive of Weir, said the acquisition was “a natural fit for Weir”. KOP’s position in Asia “complements Weir’s leading presence in North America and the Middle East”, he added in a statement.
The Scottish company noted that KOP’s current management team would continue to lead the business, reporting to Weir’s oil and gas division.
The deal is expected to close in the third quarter of this year.
