ABB buys Mexican company

ABB, the global technology group, has acquired FIP SA, a supplier of pressure-containing equipment for oil and gas production in Mexico. Based in Mexico City and employing about 450 people, FIP SA supplies wellheads and gate valves used in oil and gas wells to customers around the world. ABB intends to market FIP products and services world-wide. “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 SA from Walworth de Mexico SA. The terms of the purchase were not disclosed.

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