Velan buys 70% stake in Italian valve company ABV
Canada-based industrial valve company Velan has acquired a 70% ownership stake in Italy’s ABV Energy S.p.A., a manufacturer of engineered valves, actuators and control systems supplied to energy markets.
The Marianetti family will retain 30% ownership and Luca Marianetti will continue as CEO of the company, which will now be named Velan ABV S.P.A.
Financial terms of the deal were not disclosed.
For the 2010 fiscal year, ABV had sales of $52.3mn and employed 118 people. The company is currently in the process of expanding its manufacturing facilities, Velan said.
“ABV has an excellent range of products that is entirely complementary to our valve range and broadens the scope of our offering to the energy markets,” said CEO Tom Velan.
“We can help ABV realize the global market potential for these specialized valves and actuators,” he added.
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