ABB Buys Mexican Drilling and Production Equipment Company; Acquisition Will be Integrated Into Oil, Gas and Petrochemicals Division.Business Editors ZURICH, Switzerland--(BUSINESS WIRE)--Aug. 23, 2001 ABB n. 1. Among weavers, yarn for the warp. Hence, Noun 1. ABB - an urban hit squad and guerrilla group of the Communist Party in the Philippines; formed in the 1980s , the global technology group, today announced it has acquired FIP FIP feline infectious peritonitis. S.A., a leading supplier of pressure containing equipment for oil and gas production in Mexico. Based in Mexico City Mexico City Spanish Ciudad de México City (pop., 2000: city, 8,605,239; 2003 metro. area est., 18,660,000), capital of Mexico. Located at an elevation of 7,350 ft (2,240 m), it is officially coterminous with the Federal District, which occupies 571 sq mi and employing about 450 people, FIP S.A. supplies wellheads and gate valves A Gate Valve, or Sluice Valve, as it is sometimes known, is a valve that opens by lifting a round or rectangular gate/wedge out of the path of the fluid. The distinct feature of a gate valve is the sealing surfaces between the gate and seats are planar. 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 according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. 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." ABB (www.abb.com) serves manufacturing, process and consumer industries, utilities, the oil and gas markets, with 160,000 employees in more than 100 countries. |
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