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MACHINIST - Wipro acquires majority stake in Brazilian Hydraulic Cylinder manufacturer

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Home arrow Mergers and Acquisitions arrow Wipro acquires majority stake in Brazilian Hydraulic Cylinder manufacturer

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Wipro acquires majority stake in Brazilian Hydraulic Cylinder manufacturer
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Written by James   
Thursday, 12 May 2011

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Bangalore: Wipro Limited has signed an agreement to acquire majority stake ( 80 percent ) of Brazil based Hydraulic Cylinder manufacturer R.K.M. EQUIPAMENTOS HIDRÁULICOS LTDA for an undisclosed amount. Wipro plans to acquire the remaining stake over the next three years.

RKM employs 200 people and has one plant near Sao Paulo, Brazil. It supplies to Volvo, AGCO Corporation and CNH Global. The acquisition will be a part of Wipro’s Infrastructure Engineering division, a global leader in precision engineered hydraulic cylinders and components.

Wipro Infrastructure Engineering has three manufacturing plants in India, three in Europe, four in Sweden and one each in Finland and China. The plant in China is expected to be operational this month.

It is a Tier-1 supplier to global Original Equipment Manufacturers (OEMs) of construction and earth moving machinery, material handling equipment, forestry equipment, heavy and medium commercial vehicles among other industries, across Asia and Europe.

"Brazil is an extremely attractive market for us, driven by a high growth economy and huge investments in infrastructure over the next few years. RKM provides us an ideal platform to expand and extend our portfolio of offerings in the Brazilian market and well as rest of the Latin America. We are extremely impressed by the management team of RKM and their vision in creating one of the finest hydraulic cylinder operations," said Pratik Kumar, President – Wipro Infrastructure Engineering.

Wipro Infrastructure Engineering accounts for less than four per cent of the Wipro Limited's overall revenues.

"The RKM team welcomes this development and looks forward to being a part of Wipro’s growth journey. The partnership with Wipro Infrastructure Engineering will give us a wider customer access and expansion opportunities into new end equipment segments,” said Jose Luiz Ramos, CEO of R.K.M. EQUIPAMENTOS HIDRÁULICOS LTDA.

The acquisition is expected to be completed during this quarter, subject to regulatory approvals.

 
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