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Brazilian industrial valve producer Lupatech has formed a new oil service company dubbed LOFS with the acquisition of a Colombian firm, Lupatech said in a statement.
LOFS will focus initially focus on the Colombian market and plans to eventually move into the Brazilian, Peruvian and Mexican markets.
An initial US$16mn has been invested in LOFS by Lupatech, which holds an 85% controlling stake in the new company. The balance will be held by the firm's executive team.
Further investments are likely as the firm develops its market penetration strategy, according to the statement.