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Wipro Infrastructure Engineering acquires Sweden-based Hydrauto Group AB
By siliconindia
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Thursday, 28 September 2006, 19:30 IST
Bangalore: Wipro announced today that it signed an agreement to acquire 100% equity of Hydrauto Group AB, 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. Hydrauto, based in Sweden, is a leading provider of Hydraulic components and solutions in Europe. Its components are a global US$ 17 billion industry catering to the Construction equipment, Material Handling , Farm and Industrial segments.
Speaking 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 the third quarter of 2006-2007.