WEG announced, October 21, the acquisition of the FTC Energy Group (“FTC”), which is located in an industrial area of Bogotá, Colombia. FTC manufactures and assembles electrical panels for process automation applications.
Founded in 1984, FTC is a leading supplier to the Colombian oil and gas market, with extensive experience in special automation panels and electrical rooms. The FTC Energy Group has 85 employees and over 1400 square meters of manufacturing space, in 2013 the company had net revenues of about US$ 10 million.
Enhancing WEG’s business strategy, FTC will bring a large portfolio of customers from the Colombian oil and gas market that need the expertise of an in country automation supplier. This acquisition will allow WEG to consolidate our presence in the Colombian market, continuing to provide integrated solutions to our customers. In addition, this acquisition creates additional market opportunities in different industrial segments in Colombia, as well as neighboring Latin American countries.