PRESS RELEASE: Weir Oil & Gas Expands Fort Worth Manufacturing, Operations; Invests $40 Million to Meet Industry Demands for Increased Capacity
FORT WORTH, Texas, March 30, 2011 /PRNewswire/ -- Weir Oil & Gas announces an extensive capacity expansion of its Weir SPM business manufacturing and service facility in Fort Worth, Texas. The $40 million investment is part of the company´s aggressive growth strategy that aligns with its increased business in drilling and hydraulic fracturing caused by a rise in horizontal rig counts supported by oil and liquid rich shale in North America.
The expansion includes purchase of 12.7 acres adjacent to the current location for creation of a dedicated Fort Worth Service Center to provide quick response times for major pump overhaul. Construction will also include multiple warehouses, an assembly and engineering office, pipe shop, pump machine shop, a swivel manufacturing facility and service center. New and renovated offices will accommodate recently hired management and engineering staff. The site also includes land for future expansions.
Construction is under way and the impact of the investments is already starting to take effect. Renovations and construction are expected to be completed by the third quarter of 2012.
Steve Noon, Divisional Managing Director of Weir Oil & Gas, said, "We will continue to invest in Weir SPM. Since its acquisition in 2007, Weir SPM has maintained a market-leading position in this niche segment of the oil and gas industry. The expansion in Fort Worth will support our extensive service footprint and will provide additional capacity to meet our customers´ needs."
The renovations and new space allow Weir SPM to install new machinery for increased pump, fluid end and flow manufacturing capacity. The equipment purchased includes additional machining centers, lathes, and equipment capable of producing swivels completely in house for the first time in the company´s history. Investing in this equipment gives Weir SPM a significant increase in its yearly output capacity.
About Weir
The Weir Group PLC is a global engineering solutions provider, headquartered in the UK, with interests in over 40 countries and products focussed on the minerals, oil & gas and power markets. The group´s global brands include Warman pumps, SPM pump and flow equipment and Hopkinsons valves. Weir´s Oil & Gas division delivers innovative end-to-end solutions for customers around the globe from capital projects to long-term asset management contracts for continuing onshore and offshore operations. It is comprised of four business units: Weir SPM, the market leader in well service pumps and flow control equipment; Weir Gabbioneta, process pump manufacturers; Weir Oil & Gas Services, providers of engineering solutions; and Weir Mesa, provider of oil field products. The Weir Group PLC is listed in the UK´s FTSE 100 index of companies.
Contact: Jackie Wilkerson Weir Oil & Gas T- 281-820-7807 C- 832-289-9702 jackie.wilkerson@weiroilandgas.com
SOURCE Weir Oil & Gas
/Web site: http://www.weiroilandgas.com
(END) Dow Jones Newswires
March 30, 2011 09:39 ET (13:39 GMT)
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