ABB Expands Offering for Oil and Gas Sector
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Press release date: November 12, 2008
Acquisition will strengthen ABB's presence in North America
Zurich, Switzerland, November 12, 2008 - ABB, the leading power and automation technology group, has signed an agreement to acquire the business of Ber-Mac Electrical and Instrumentation Ltd. of Calgary, Canada, in order to expand its presence and capabilities in the oil and gas sector.
ABB did not disclose the value of the transaction, which is subject to the customary regulatory approvals.
Ber-Mac specializes in industrial automation, electrical, instrumentation design, process optimization, panel fabrication and field services. It is particularly strong in the oil and gas industry.
Established in 1980, the company has enjoyed steady growth in recent years and earned revenues of ca. $100 million in 2007, serving primarily oil and gas customers with power and automation solutions that maximize performance and reduce operating and maintenance costs.
"The acquisition is perfectly aligned with ABB's growth initiative to enhance its engineering and service capabilities, and will also increase our presence in the large oil and gas industry in North America," said Veli-Matti Reinikkala, head of ABB's Process Automation division. "At the same time, this business will complement ABB's offerings, and benefit from the Group's established network of global resources." The acquisition will increase ABB's presence in North America by more than 400 employees, based in several locations. The company is well known and highly respected in the region- a key factor in the decision to acquire the firm.
"We look forward to joining an international company with a world-class reputation for technology and innovation," said Bernie McCaffrey, president of Ber-Mac. "Our entire management team and skilled work force will make a valuable contribution to ABB's growth plans and our solutions portfolio fit well with ABB's current offering."
ABB (www.abb.com) is a leader in power and automation technologies that enable utility and industry customers to improve their performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs around 120,000 people.
For more information please contact: Media Relations: ABB Corporate Communications, Zurich Wolfram Eberhardt, Thomas Schmidt Tel: +41 43 317 6568 Fax: +41 43 317 7958 email@example.com