Hitachi will acquire Valcom, an engineering firm in the Italy, through its European subsidiary Hitachi Europe.
After the acquisition is complete, Valcom will be renamed in due course as Hitachi Engineering Europe S.r.l.
Through this acquisition, Hitachi aims to bolster and expand its business in oil and gas industries, based upon Valcom's customer relations, human resources and knowledge, which includes major oil companies and engineering firms.
In the business of oil and gas industries, Hitachi supplies products such as compressors, pumps, water treatment systems, inverters, motors and other equipment, and conducts related Engineering, Procurement and Construction (EPC) projects.
Hitachi has also set up joint ventures to conduct equipment maintenance services in Middle East and South America, and has supplied equipment to major oil companies.
Valcom has spent 25 years engaged in the electrical and instrumentation engineering business for oil and gas plant systems and other infrastructure fields, primarily in Europe, Middle East and Africa.
Through its work with major engineering firms, Valcom has an expansive track record in electrical and instrumentation engineering services for major oil companies.
Valcom also has abundant experience in Floating Production, Storage and Offloading (FPSO) systems, for which demand is anticipated to grow.
Hitachi also plans to grow global business utilising Hitachi Engineering Europe's capability, beyond the area of Europe, Middle East and Africa.
Looking ahead, Hitachi will continue strengthening ties with major clients and other customers, and partner companies in resource-rich nations that produce oil, natural gas and other resources, with the view to driving global expansion of the business in oil and gas industries.