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21 October, 2009
Modcon Systems today announced it has acquired Petrometrix Ltd (Migdal Haemek, Israel) together with its affiliates Petrometrix Inc (Houston, USA). Founded in 1992, Petrometrix Ltd. develops, manufactures and markets a new generation of process analyzers based on Near Infrared (NIR) technology for the petroleum and petrochemical industries. Before the acquisition, it was a subsidiary of CI Technologies Inc., a USA-based holding company which owns three high-tech companies involved in the development of electro-optical systems for Defense, Medical and Petroleum applications.
"We are very excited about the acquisition of PETROMETRIX," commented MODCON Chief Executive Officer Gregory Shahnovsky. "This is a strategic relationship, which promises to result in exciting new products and services to our customers. The combination of PETROMETRIX patented technology and Modcon Systems' expertise in on-line analyzer systems represents a breakthrough in refinery process control applications. The experience of both companies being brought to the joint venture offers a strong opportunity for the introduction of this unique technology to the world markets.”
Founded in 1972, Modcon Systems Ltd is a multinational company focusing on system integration, process analyzers and control instrumentation for oil, gas, chemical and petrochemical industries. The new acquisition will take advantage of Modcon's strength in marketing, integration and applications development and PetroMetrix' experience in sophisticated process analyzers chemometrics. The companies believe that the combined team will be able to give greater customer support, novel solutions and new products applications to its customers worldwide.
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