Weir Oil & Gas has entered into an agreement to acquire KOP Surface Products, a provider of advanced pressure control wellhead technologies, systems and services. The acquisition is for an equivalent enterprise value of $114 million and is expected to be completed in the third quarter of 2017.
KOP employs 450 people and is a provider of wellheads, surface trees, valves, actuators and aftermarket services for the oil and gas industry. The business is headquartered in Singapore and has a manufacturing facility in Batam, Indonesia, in addition to a network of sales and service offices in Malaysia, Thailand, Vietnam, Qatar, UAE, Saudi Arabia and India. KOP's current management team will continue to lead the business, reporting into Weir’s Oil & Gas division.