Wipro Engineering acquires Swedish co
Wipro Infrastructure Engineering (WIN) on Thursday announced its entry into the European market with the acquisition of a 100 per cent stake in the Sweden-based Hydrauto Group AB (Hydrauto).
By PTI |
BANGALORE: Wipro Infrastructure Engineering (WIN) on Thursday announced its entry into the European market with the acquisition of a 100 per cent stake in the Sweden-based Hydrauto Group AB (Hydrauto).
A fully-owned-subsidiary of Wipro, the $57 million WIN signed an agreement to acquire 100 per cent equity in Hydrauto for $31 million in an all cash deal.
The acquisition is expected to be completed by Q3 of 2006-07, subject to customary closing conditions and regulatory approvals, a company release said.
A leading player in precision engineered hydraulic components and solutions in India, WIN is a tier-1 supplier to Original Equipment Manufacturers (OEMs) of construction and earth moving machinery, material handling equipment, heavy and medium commercial vehicles among other industries, in India and the rest of Asia.
The $112 million Hydrauto, a leading provider of hydraulic components and solutions in Europe, is a Tier 1 supplier to OEMs of material handling equipment, forestry equipment, construction and earth moving machinery.
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Hydraulic component is a $17 billion industry globally, whose growth in India is driven by the huge investments in the infrastructure and industrial segments.While WIN Managing Director Anurag Behar said the acquisition had given WIN a unique Asia-Europe footprint, Hydrauto CEO Olov Larsson said his team looked forward to becoming a part of the Wipro family.
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