Wipro bought Hydrauto

Wipro Infrastructure Engineering (WIN) has acquired Hydrauto – a
Swedish firm, for $31-m – It is 100% acquisition. With it,
Wipro has firmed its presence in Europe while adding a big customer
base.

Hydrauto is a provider of Hydraulic components and
solutions in Europe and its revenues were $ 112 million for last
year.

 

Here is the excerpt –

Wipro announced today that it signed an
agreement to acquire 100% equity of Hydrauto Group AB (“Hydrauto”) for a
consideration of US$ 31 million, in an all cash deal.
Wipro Infrastructure Engineering (WIN) is the
leading player in precision engineered Hydraulic components and solutions in
India. WIN is a Tier 1 supplier to OEMs of Construction and Earth Moving
Machinery, Material Handling Equipment, Heavy and Medium Commercial Vehicles
amongst other industries, in India and rest of Asia. For the year ended 31
March 2006, its revenues were US$ 57 million.
Hydrauto, based in Sweden, is a leading
provider of Hydraulic components and solutions in Europe. Hydrauto is a Tier 1
supplier to OEMs of Material Handling Equipment, Forestry Equipment,
Construction and Earth Moving Machinery, amongst others. For the year ended 31
December 2005, its revenues were US$ 112 million. It is a profitable entity
with positive operating cash-flows.
Hydraulic components are a global US$ 17
billion industry catering to the Construction equipment, Material Handling,
Farm and Industrial segments. Growth in India is being driven by the huge
investments in the Infrastructure and Industrial segments.
On this occasion, Anurag Behar, Managing
Director – WIN, said,
“This acquisition gives WIN a unique
Asia-Europe footprint, a customer base built over the past few decades and
deep complementary engineering skills. Being together will have a multiplier
effect on competitiveness.”
Olov Larsson, CEO of Hydrauto commented,
“The Hydrauto team looks forward to
becoming a part of the Wipro family. We think that Wipro is a perfect fit,
being leaders in Asia and having an established presence in the Asia –
Pacific region.”
Subject to customary closing conditions and
regulatory approvals, the acquisition is expected to be completed by Q3 of FY
2006-07.

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