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Company History


History and Development

Lupatech started its operations in August 1980, with the creation of Microinox, using the precision casting process (micro casting) for manufacture of cast components for valves. The investment casting process consist in the reproduction of a piece originally in wax, which is covered with ceramic material, creating a mould that after removing the wax, serves as a base to be fulfilled with metals. Internationally it is known as “Investment Casting” and in Brazil as “microfusão”, or also “Lost Wax”. Its origin is millenary.

This process allows higher flexibility in the design of parts and products, producing parts close to final shape, bringing several advantages as: project flexibility (in shape and materials); capacity of reproduction of precise details; assembling elimination (projecting just one component); excellent superficial finishing (reduction of elimination of machining time); reduction in weight of components; reductions of investments in tools for manufacturing; among others.

In 1984 was created Valmicro as a way to aggregate value to the casted products of Microinox. Lupatech Valmicro was born focused on the manufacture of industrial valves for the industrial market through distributors and resellers. Lupatech Valmicro was supplied by Microinox’ casted parts, which allowed it to achieve a higher competitiveness in the market. That goal was successfully achieved, and, by 1996, Lupatech Valmicro became the market leader in Brazil, a position it still holds today.

In 1987 the Company received the first out of four private equity investments. This year states the beginning of the adoption of several practices of transparency and relationship between the Management and shareholders that today is commonly called as “Corporate Governance”. It is highlighted CRP – Companhia Riograndense de Participações, among the four investors.

In 1989, as a result of a strategic decision, Valmicro started to supply directly (without distributors) the clients in industrial markets. As a consequence, it got closer to final clients and increased its line of valves, adding value and more technology to meet the growing needs of these clients.

In 1992, the Company acquired participation in Esferomatic, an Argentinean company producing ball valves focused in the oil and gas sector. Forecasting changes in exchange rates and obstacles in exporting from Argentina to Brazil, where it was the main market for Esferomatic in an imminent change in exchange rates, the Company took a strategic decision of selling this participation in 1998.

In 1993, Microinox was merged into Lupatech Valmicro, and the Company adopted its current corporate name, Lupatech S.A.

In 1995, searching for a technological improvement, the Company started to produce parts using the powder injection molding process, through Steelinject, which was then a Lupatech S.A. division.

In 2000, the Company acquired 76.0% of the shares in the capital stock of Metalúrgica Nova Americana, which since 1972 has been manufacturing industrial valves, especially for the oil and gas industry, for critical applications, whose development and manufacture demand a high degree of engineering and technology, especially for the oil and gas industry. In 2001, Lupatech concluded the acquisition of all the shares in Metalúrgica Nova Americana’s capital stock. Ever since the acquisition, the Company has made significant investments with the purpose of turning it into the best and most modern Brazilian industrial valve manufacturing plant, specializing on sphere valves, especially for the oil and gas industry. In August 2009, the operations of Lupatech MNA were moved to Nova Odessa (SP) - Brazil. This unit is nowadays national reference in the manufacturing of sphere valves mainly for the oil and gas sector.

In 2001 BNDES, through BNDESpar, subscribed convertible debentures of the Company.

In 2002, it was constituted Lupatech North America, as a result of a joint venture between Lupatech Investments and Ideal Controls, a North American corporation. The unit was constituted in the US to operate commercially with all valve manufactured by Valmicro and MNA, and also to work as a distribution center with local inventory. In 2005, the joint venture was terminated. Lupatech North America will be liquidated and its assets and liabilities will be transferred to Lupatech Investments, which in 2006 was transferred to HoustonTexas, where it operated as a business sales office primarily focused on the sale of valve lines to the oil and gas industry. This office was closed in 2009.

In 2003 the Company received the third round of private equity investment. In this occasion, BNDESpar, through the conversion of debentures issued in 2001 and GP Investimentos, through the GP Tecnologia fund, joined the capital of the Company.

In the first half of 2005, Lupatech acquired 51.0% of Carbonox’ voting capital, with the main purpose of replacing Microinox in the supply of casted parts to Valmicro and MNA. On December 31, 2005, the acquisition of all Carbonox’ shares was concluded. Nowadays, the production of Carbonox is engaged to Lupatech’ units. The integration of this unit in the group allows economies of scale and costs, besides the quality guarantee of casted components used in the products manufactured by the Company. The Carbonox was incorporated on December 1, 2008 by Lupatech Mipel and had its name changed to Lupatech Mipel – micro-casting subsidiary. Lupatech Mipel - subsidiary supplies micro-casted parts and components to most of the units composing Lupatech, among valves to sensors and compressors parts.
 Still in 2005, the Company received the fourth round of private equity investment. By that time Natexis Mercosul Fund joined the Company’s capital.
 As from 2006, the activities carried out by its divisions Valmicro and Steelinject were taken over by two new subsidiaries, named Valmicro Indústria e Comércio de Válvulas Ltda. and Steelinject – Injeção de Aços Ltda., respectively, which received the assets and liabilities related to those activities through an increase in the capital subscribed solely by the Company.
In April 2006, the Company concluded the acquisition of all the quotas of Metalúrgica Ipê Limitada (Mipel-SP), which operates in the manufacturing and commercialization of bronze valves, today it is named Lupatech Mipel.

On April 24, 2006, the Company executed the New Market Listing Agreement with the São Paulo Stock Exchange (BOVESPA), reinforcing its commitment to good Corporate Governance practices. Since May 15, 2006, its shares have been traded at BM&FBOVESPA under the ticker symbol LUPA3. On June 20, 2006, it was concluded the first primary and secondary public offering of shares.

In June 2006, continuing the strategy of growth through selective acquisitions,  we acquired all the shares of Itasa, a foundry located in Argentina with a high technological standard for casting metal alloy parts with high resistance to corrosion, mainly for pumps and valves, focused on the oil & gas industry.

Also in June 2006, the Company started up Mipel-Sul’ activities, today named Lupatech Mipel, which consist on the manufacture and commercialization of manual industrial valves made of steel or brass, providing an important synergy. The use of the Mipel name brand has met its interest in complementing the bronze product line of Mipel. The Company is using not only the same brand, by also the same sales channel

On September 1, 2006, the Company carried out the first program for public distribution of registered, book-entry, unsecured debentures, not convertible into shares, in the amount of R$227 million and maturing on September 1, 2011. On November 8, 2007 these debentures were redeemed through the exercise of call option.

Between November and December 2006, the funds GP Tecnologia and Natexis Mercosul concluded their investments in the Company by selling their participations.

On December 19, 2006, the Company concluded the acquisition of all the capital of two companies located in Argentina: Válvulas Worcester de Argentina Sociedad Anónima, Industrial y Comercial and Esferomatic S.A., today named Lupatech Esferomatic. These two transactions mark the return of Lupatech to the Argentinean valve industry, where it is this market leader.

On April 3, 2007, Lupatech announced the acquisition of Lupatech Petroíma Equipamentos para Petróleo Ltda., assets of Zmach Tecnologia Ltda., and know-how for the manufacture of tools for oil and gas that gave rise to a new activity for the Company named Lupatech Oil Tools, with industrial units in Simões Filho, in the state of Bahia, and in Caxias do Sul, in the state of Rio Grande do Sul.

On April 4, 2007, the Company concluded the transaction with Cordoaria São Leopoldo S.A. (CSL), today named Lupatech ROPES, located in the city of São Leopoldo, in the state of Rio Grande do Sul, involving the Platform Anchoring Rope Business, expanding the line of products for deep water applications.

On June 23, 2007, through the subsidiary Lupatech Finance Limited, the Company undertook an offering of Senior Perpetual Bonds at 9.875% in the total amount of US$ 200 million to support the growth of the Company. There was a reopening of this offer on June 23, 2008, increasing the total amount to US$275 million

On July 11, 2007 the Company concluded the transaction with Gasoil Serviços Ltda, today named Lupatech Oil & Gas Services. Founded in 1999 as Gasoil, it is located in the main center of oil and gas production in Brazil, operating in the manufacturing and maintenance of completion equipments for oil and gas exploration and production.

On July 23, 2007 Lupatech announced the acquisition of Kaestner & Salermo Comércio e Serviços Ltda. (K&S) and its subsidiary Ocean Coating Revestimentos Ltda (Ocean Coating), today named Lupatech Tubular Services. Located in Macaé - Rio de Janeiro,it is specialized in tubular services, which mainly consist of the machining, maintenance and inspection of tubes and tube coatings with the application of anticorrosion materials on tubes and equipment for the oil and gas industry. The coating technology developed in-house is protected by international patents and used in tubes with applications in drill, production and injection pipes.

On November 12, 2007 the Company signed an agreement to acquire Jefferson Sudamericana S.A., today named Lupatech Jefferson and its subsidiaries in the United States, Mexico and Brazil. Located in Buenos Aires, Argentina, its production line includes solenoid valves (on-off flow control valves activated electromagnetically) and level switches, as well as other industrial automation products.

On December 17, 2007, was announced the joint acquisition, in conjunction with Axxon Group (a private equity fund manager with the anchor investor Natixis Private Equity, the private investment arm of the bank Natixis, a leading financial institution in France) of interests in the equity of Delta Compresión SRL and Aspro do Brasil Sistemas de Compressão para GNV Limitada, jointly referred to as Aspro. Located in Escobar - Argentina, Aspro is a world leader in the market for equipment and systems to compress Vehicular Natural Gas (VNG), with exports to almost 30 countries in the Americas, Europe and Asia. Lupatech has a 50% stake on Aspro.

On July 7, 2008, the Company concluded the acquisition of Gavea Sensors, today named Lupatech Monitoring Systems, which manufactures fiber-optic sensors primarily for the oil and gas sector, which can also be used to monitor structural integrity, and also has a growing presence in the energy and aeronautical sectors.

On August 11, 2008 through the subsidiary Luxxon Participações Ltda, owned together with the Axxon Group, the Company acquired 100% of Sinergás GNV do Brasil Ltda., which is one of the main gas compressors service provider (equipment rental) and maintenance of compressors for vehicular use in Brazil.

On September 30, 2008 the Company concluded the acquisition of Tecval, today named Lupatech Tecval, which specializes in the manufacture of gate, globe and check-type industrial valves, as well as forged ball valves, for the oil and gas, petrochemical, chemical, pulp and paper, mining, nuclear, and other industries. Tecval’ valves complement those of Lupatech’ Energy Products and Flow Control Segments and represent now 70% of the total types of valves offered in the market, with no overlap with existing products.

On November 12, 2008, the Company concluded the acquisition of Fiberware, today named Lupatech Fiberware, a Brazilian company specializing in internal and external tube coating using composite materials (high-density polyethylene (HDP) and fiberglass, which also provides services related to onshore, offshore, floating unit and downhole tube installations. The main applications are focused on the oil and gas segment with ample opportunities for integrating this technology into other businesses.

On December 19, 2008 the Company concluded the acquisition of Norpatagonica S.R.L. (Norpatagonica), located in the Neuquen region of Argentina, which operates as a service company in the oil and gas market for more than 20 years. It possesses its own operational base and helps oil and gas companies to maintain production levels by providing well intervention services. It also undertakes hydraulic tests, cleans wells using its own equipment and supplies injection, repositioning and high and low pressure pumping equipment.

On August 17, 2009, the Company concluded the second program for public distribution of registered, book-entry, with floating guarantee, convertible debentures into shares, in the amount of R$320 million and maturing on April 15, 2018.

On March 29, 2010, the Company  announced the creation of Lupatech Oilfield Services, unit which will focus on services for weel intervention. The first operation of this unit will be in Colombia, and for that it was concluded the acquisition of Hydrocarbon Services Sociedad por Acciones Simplificada.

On April 30, 2010, the Company  acquired the totaliti of shares of  Hydrocarbon Services Sociedad por Acciones Simplificada, company  headquartered in the city of Neiva, Colombia, and has as main activities the provision of services in oil and gas wells and it is divided into two service lines: administration and maintenance of oil, and acquisition of information.

On August 11, 2010, Luxxon Participações S.A., Lupatech's subsidiary, has received 100% of the capital stock of Sinergás Gás Natural S.A. ("Sinergás"), based in the Rio de Janeiro (Brazil). The Company now owns the equivalent to 43.15% of Luxxon's capital stock.

On October 4, 2010 we constituted together with Unimetal Participações Ltda. and Empresa Têxtil Integrada de Timbaúba S.A., the company UNIFIT – Unidades de Fios Industriais de Timbaúba S.A., based in the city of Timbaúba –PE (Brazil), with the purpose of guaranteeing the supply of polyester yarns for anchoring ropes and to have the control and directions appointment over the research and development of new technologies sector of this segment. Our temporary stake is of 96.59%, considering the paid-up capital by us and by the other parts until the present moment, considering that, as foreseen in the shareholders agreement, our final stake should be 56.23%.

On November, 2010, Lupatech acquired 6.77% of the capital of Vicinay Marine S.L. Vicinay Marine is a company of Vicinay Group with industrial units in Spain, Brazil and China and commercial presence in North and South America, Europe and Asia. It is a global leader in the manufacture of anchoring systems including drawing lines, links and chains, anchors, and others. In Bilbao there is an important unit for research and innovation. With the acquisition of this participation, Lupatech is able to access new markets and clients through the world presence of Vicinay Group.

On December 31, 2011 and April 2, 2012, Lupatech concluded the sale of 100% of Steelinject Injeção de Aços Ltda. and Microinox - Fundição de Precisão e Usinagem Ltda. as part of its strategy to focus in the oil and gas sector. With that, the Metallurgy segment is no longer part of the Company's businesses.

Lupatech believes to have built an important history of corporate governance, with focus in the transparency and release of its information. Since 1987, the Company has an active and professional Board of Directors, which has always counted with investors’ representatives, and also with the services of independent audit company provided by international companies.

Last Update: April 20, 2012



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