By Triangle Business Journal

ABB has acquired a Louisiana company that makes detection instruments and other equipment used in the oil and gas industry.

The company, K-TEK, was purchased from private equity firm Ampersand Ventures. Financial terms of the deal were not disclosed. ABB (NYSE: ABB) maintains its North American headquarters in Cary. The Swiss company provides technology and equipment to electric utilities and industrial customers.

ABB says K-TEK has no overlap with existing ABB offerings. K-TEK has annual revenue of around $50 million and employs more than 250 in the United States, China, the Netherlands, India and South Africa. K-TEK now becomes part of ABBâ¿¿s Measurement Products business unit within ABBâ¿¿s Process Automation division.

Veli-Matti Reinikkala, head of ABBâ¿¿s Process Automation division, said the deal will bring customers of both companies a broader range of instrumentation and sensing technologies.

⿿We see a lot of potential for synergy between ABB⿿s extensive geographic reach and exposure to other industries, and K-TEK⿿s depth in level detection technology,⿝ Reinikkala said in a prepared statement.

ABB employs more than 117,000 people worldwide including more than 500 in the Triangle.

Copyright 2010 American City Business Journals

http://triangle.bizjournals.com/triangle/stories/2010/07/05/daily54.html?ana=thestreet
Copyright bizjournals.com 2010