Wipro Infrastructure Engineering said it agreed to buy HR Givon, an Israel-headquartered aerospace equipment manufacturer, as it looks to expand into the defence offset space.
Wipro Infrastructure Engineering said the acquisition would help it broaden its product portfolio and expand geographically. The terms of the deal were not announced.
Givon makes structural parts and assemblies for aircrafts. The forty-six-year-old company has three manufacturing plants.
“I am confident that Wipro and Givon together will be a significant force in key markets. The synergies from our combined portfolio and locational proximity will be a key enabler to build and nurture successful customer relationships,” said Pratik Kumar, Chief Executive Officer, Wipro Infrastructure Engineering.
In 2013, WIN set up India’s first Aerospace actuator manufacturing facility at the Devanahalli Special Economic Zone, near the Bangalore International Airport.
It plans to expand into multiple product lines and enter into technology partnerships with leading Aerospace companies.
The acquisition is expected to close in September 2016.
Source: http://tech.economictimes.indiatimes.com/news/corporate/wipro-arm-to-acquire-israeli-aerospace-firm-hr-givon/53495865
