Based in Mexico City and employing about 450 people, FIP S.A. supplies wellheads and gate valves used in oil and gas wells to customers around the world. 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. According to experts, Mexico's oil and gas reserves are the fifth largest in the world.
ABB is acquiring FIP S.A. from Walworth de Mexico S.A. The terms of the purchase were not disclosed.
"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. It is a solid company, with sound technology, which gives us a foothold in an important growth market."
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