Wipro's Indian arm acquires Sweden-based Hydrauto Group

New Delhi, Sep 28 (UNI) Wipro's 100 per cent subsidiary, Wipro Infrastructure Engineering (WIN), leading player in precision engineered Hydraulic components and solutions, today announced the acquisition of Sweden-based Hydrauto Group AB for an all cash deal of 31 million dollars.

''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,'' WIN Managing Director Anurag Behar said.

Hydrauto is a leading provider of Hydraulic components and solutions in Europe. It is a Tier 1 supplier to Original Equipment Manufacturer (OEMs) of material handling equipment, forestry equipment, construction and earth moving machinery among others. For the year ended December 31, 2005, its revenues were 112 million dollars.

Hydraulic components is a global 17 billion dollar industry catering to the construction equipment, material handling, farm and industrial segments.

''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,'' Hydrauto CEO Olov Larsson said.

Subject to customary closing conditions and regulatory approvals, the acquisition is expected to be completed by third quarter of FY 2006-07.

WIN is a Tier I supplier to OEMs of construction and earth moving machinery, material handling equipment, heavy and medium commercial vehicles among other industries, in India and rest of Asia.

For the year ended March 31, 2006, its revenues were 57 million dollar.

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