Brazilian metal parts maker Lupatech reported that it has signed a deal with Rio de Janeiro based Gavea Sensors to buy BRR 9 million (USD 5.58 million) worth of stake in Gavea.

Lupatech in a statement to São Paulo's Bovespa stock exchange said that the transaction will be put to a shareholder vote during a general assembly to be called in the coming days. It said that the deal is in line with Lupatech's strategy of expanding its line of highly technical products and services focused on the oil, gas and flow control markets.

Rio Grande do Sul state based Lupatech makes manual and automated ball valves and supplies products to the automobile and oil and gas industries.