wipro acquires sweden based hydrauto group AB

Hyderabad, Sept 28 (UNI) Wipro announced today that it signed an agreement to acquire 100 percent equity of Hydrauto Group AB (Hydrauto)for a consideration of US 31 million dollars in an all cash deal.

Chief Executive Officer of Hydrauto Olov Larsson, siad in a statement that 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 and Pacific region'.he said Wipro Infrastructure Engineering (WIN) was the leading player in precision engineered Hydraulic components and solutions in India.

WIN was 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.

Hydrauto, based in Sweden, was a leading provider of Hydraulic components and solutions in Europe. Hydrauto was a Tier 1 supplier to OEMs of Material Handling Equipment, Forestry Equipment, Construction and Earth Moving Machinery amongst others.

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