A Scottish energy services company has made a move to set up shop in Latin America, through an audacious US acquisition.
Mustang, a US subsidiary owned by the Aberdeen based Wood Group firm has taken the controlling majority of ISI Solutions, in a deal with an initial worth of £3.3m ($5.2m).
The deal will see ISI, an engineering and consulting services company to the oil and gas, power and pipeline industry, rebranded as ISI Mustang. This will retain familiarity in the Latin American region as well as present the new force behind the operations.
Operating under the umbrella of Mustang’s existing automation and control arm, the move underlines the ambitious growth plans the company has.
ISI already has a strong presence in Latin America, so the deal will provide a strong foundation from which to build. The deal also shows Scottish companies what can be done by having the right strategy in place, even in tough local and global economic conditions.
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For their part, Mustang will likely target Argentina and Mexico first, as the country is increasingly representing a strong economic growth. Largely fuelled by the recent well reported successes against drug barons throughout Latin America, it is certainly an area rich for tapping into.