ABB acquires oil and gas equipment manufacturer in Argentina

Nov 15, 1999 01:00 AM

ABB, the global technology group, said it has agreed to acquire Danco Talleres Metalurgicos S.A. DANCO, a leading oil and gas equipment manufacturer in Argentina. DANCO employs about 30 people and is based in Buenos Aires. The terms of the acquisition were not disclosed. The sale is subject to regulatory approvals.
DANCO manufactures low-pressure valves and wellheads for use in oil and gas wells, with some 20 % of its production exported to other South American countries. ABB said the acquisition, to be integrated into its ABB Vetco Gray unit, broadens its product range and opens new market opportunities for other ABB products in the growing Argentina oil and gas market, the second largest in Latin America in terms of wells drilled. ABB intends to market the company's products world-wide.

Ongoing privatisation in the Latin America oil and gas sector has created an attractive environment for investment, and ABB intends to invest in upgrading DANCO's production technology. ABB said the acquisition will position the company to tap growth opportunities in other parts of the region as well.
"Part of our expansion strategy is to build up our presence in sectors with superior growth potential, and where we can realise synergies with other parts of our business" said ABB President and CEO, Goran Lindahl. "This acquisition fits well with that approach. This is a solid company that serves as a platform for marketing other ABB products in an important growth market."

ABB is a globalised technology and engineering company serving customers in power transmission and distribution; automation; oil, gas, and petrochemicals; industrial products and contracting; and in financial services. Power generation customers are served by the joint venture ABB ALSTOM POWER. The ABB Group employs about 170,000 people in more than 100 countries.

Source: Business Wire
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