Torishima take half of joint venture partners’ business
Japan-based Torishima Pump has acquired a 50% interest stake in US rotating machinery manufacturer Fluid Equipment Development Co. (Fedco)
Fedco designs and manufactures fluid machinery for the energy recovery market, such as turbochargers and pumps, especially suited to the RO process in the desalination system.
The two companies established a joint venture branded Advanced Pumps International in June 2012 for the development, manufacture, sales and service of pumps to the oil and gas industry.
A statement by Torishima believes the 50% investment will ‘cement the relationship between the two parties, easing the way for greater penetration of global markets and aiding in the development of energy-efficient and energy recovery rotating equipment’.
Fedco will continue to be managed by president Eli Oklejas, in conjunction with a new Torishima management team. The investment price was not disclosed.