Lupatech forms new oil service firm

Tuesday, March 30, 2010

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.

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Further investments are likely as the firm develops its market penetration strategy, according to the statement.