Wipro Infrastructure Engineering acquires Sweden-based Hydrauto Group AB
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Wipro Infrastructure Engineering acquires Sweden-based Hydrauto Group AB

By SiliconIndia   |   Thursday, 28 September 2006, 07:00 Hrs
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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.


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