The Montreal Gazette reported that Velan Inc, the Montreal based international maker of high precision steel valves for industry, has bought 70% of ABV Energy SpA for an undisclosed sum.
The Marianetti family will keep a 30% interest and Mr Luca Marianetti will continue as CEO. But the company will be renamed Velan ABV SpA. It has annual sales of USD 52 million US and employs 118.
Mr Tom Velan president of Velan Inc said that "We can help ABV realize the global market potential for its specialized valves and actuators. Its product line is entirely complementary to ours."
Velan, with plants in eight countries, had sales of USD 466 million and employs 1,700 in 2010.
Source: The Montreal Gazette