FCX Performance acquires two distributors
FCX Performance has completed two acquisitions that will expand its product and service offering as well its geographic reach.
The Columbus, Ohio-based distributor of flow control products and services acquired the Solares Controls Division of Solares Florida Corporation and Stafford, Texas-based Baro Companies, which include the operations of Baro Controls Inc. and Baro Process Products.
Based in Lakeland, Fla., Solares Controls serves the growing Florida process control market. Baro provides valve automation, pumps, mixers and related products and services to the Gulf Coast market. The company serves chemical, petro-chemical, oil and gas pipeline, refinery, power and other process markets.
"We welcome the employees, vendors and customers of Solares and Baro to the FCX family," said Charles M. Simon, president and CEO of FCX Performance Inc. "We are very impressed by the caliber of the Baro and Solares people and are excited to work with the new management teams to build on the impressive record of growth that both companies have achieved."
Simon said the companies' names will not be changed.
FCX chief financial officer Charles Hale said the company anticipates making additional acquisitions in 2011. It is backed by majority investor Sterling Investment Partners.
"These acquisitions fit perfectly with FCX's corporate strategy of buying quality businesses and providing talented management teams with the additional resources to accelerate their growth plans," Hale said.
FCX Performance is a distributor of process flow control products and services that serves MRO and OEM customers in the pulp and paper, chemical, petroleum pharmaceutical, power, steel and other process markets. Formed in 1999, it has 16 offices serving 30 states and over 235 employees with expertise in valves, instruments, pumps, hose, fittings and process flow control equipment.
INDUSTRIAL SUPPLY MAGAZINE
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