Hitachi Europe, the European subsidiary of Hitachi, has acquired Italy-based engineering firm Valcom to increase its presence in the oil and gas industry. Valcom, a provider of electrical and instrumentation engineering services to oil companies, has experience working with large oil companies like Saudi Arabian Oil Company. The engineering firm has developed and made sensor and control equipment, which allow companies to measure temperature and pressure of fluids since 1974.
Hitachi hopes to complete the acquisition of Valcom by the end of April and will rebrand the Italian company as Hitachi Engineering Europe S.r.l., also called Hitachi Engineering Europe.
"Through this acquisition, Hitachi will generate synergies based upon Valcom customer relations, human resources and knowledge, to bolster and expand the business in oil and gas industries, which continues to grow its business in this area," Hitachi said in a press release.
Valcom has also worked with Floating Production, Storage and Offloading ("FPSO") systems.
The newly formed company Hitachi Engineering Europe aims to branch out its engineering business for electrical and instrumentation services, concentrating on Europe, the Middle East and Africa.