Engineering services company Tata Technologies today said it has entered into a definitive agreement to acquire Escenda Engineering AB.
"The acquisition helps Tata Technologies accelerate its plans to expand in Europe due to the rapid growth opportunity the region offers in both the automotive and industrial machinery sectors," the company said in a statement.
Following the acquisition, Escenda Engineering will become a wholly owned subsidiary of Tata Technologies Europe, However, the company will maintain the same management team and full workforce under the new ownership.
"Through this acquisition, Tata Technologies will leverage its global expertise in engineering services to support key accounts in Sweden and the European market and help them create better products for their customers," Tata Technologies Chief Executive Officer Warren Harris said.
"Our new colleagues in Europe are some of the world's finest engineers and we are united by a shared vision to bring better products to the market for our customers and for the millions of people around the world who benefit from them," Harris said.
The acquisition is an essential component in Tata Technologies' European growth strategy and follows the recent USD 26 million investment in the development of a new European headquarters in the UK, he added.
Commenting on the deal, Escenda Engineering AB Chief Executive Officer Stefan Wedin said, "we look forward to working together and supporting pioneering projects through our combined deep industry knowledge and innovative approaches to product development." Escenda Engineering's revenue has grown by around 230 percent across the last four years.
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