By the OGJ Online Staff
HOUSTON, Aug. 23 -- ABB Group, Zurich, acquired FIP SA, Mexico City, from Walworth de Mexico SA.
Financial terms were not disclosed.
FIP supplies wellheads and gate valves internationally. ABB intends to market FIP products and services worldwide.
"The acquisition will broaden ABB's product range as well as open new markets for ABB products in the growing Mexican oil and gas market," said Gorm Gundersen, head of ABB's oil, gas and petrochemicals division.
"Part of our expansion strategy is to build up our presence in sectors with superior growth potential, where we can bundle products and services from other parts of our business," Gundersen said. "This acquisition fits well with that approach."
