Columbus, OH-based FCX Performance, Inc. ("FCX") announced today that it has completed two acquisitions that will expand its product & service offering as well its geographic reach. The two transactions include the acquisition of the Solares Controls Division of Solares Florida Corporation and Stafford, TX-based Baro Companies, which include the operations of Baro Controls, Inc. and Baro Process Products.
Based in Lakeland, FL, Solares Controls serves the growing Florida process control market. Over many years, Solares has developed deep customer relationships and is well-established in this region’s process valve and instrumentation market.
Baro serves the large and Gulf Coast market and is a recognized leader in valve automation, pumps mixers and related products & services. The company serves the complex needs of the chemical, petro-chemical, oil & gas pipeline, refinery, power and other process markets.
Shelly White, co-owner and President, of Baro stated, "Our Company will continue to provide our customers with the same high level of service they have come to expect from Baro." She continued, "We are excited to join the FCX family. This partnership will help us create an even stronger business by providing additional resources to support and serve our customers."
"We welcome the employees, vendors and customers of Solares and Baro to the FCX family", said Charles M. Simon, President and CEO of FCX Performance, Inc. "We are very impressed by the caliber of the Baro and Solares people and are excited to work with the new management teams to build on the impressive record of growth that both companies have achieved." Simon concluded by noting that "the combination of these businesses will not result in any outside changes and the company’s names will not be changed".
Charles Hale, FCX Chief Financial Officer, added "These acquisitions fit perfectly with FCX's corporate strategy of buying quality businesses and providing talented management teams with the additional resources to accelerate their growth plans." "With the support of our majority investor, Sterling Investment Partners, we fully anticipate closing additional acquisitions in FY 2011."