Tata Technologies, an Indian Engineering services company that’s part of the Tata Group, has today announced that it has agreed to acquire Escenda Engineering, a Sweden-based company. No financial details related to the transaction have been disclosed.
With this acquisition, Tata Technologies plans to accelerate its expansion into Europe, especially in the automotive and industrial machinery sectors. Escenda Engineering will become a subsidiary of Tata Technologies Europe when the transaction is completed. The company will maintain the same management team and full workforce under the new ownership.
Tata Technologies’ Chief Executive Officer Warren Harris said,
Tata Technologies is always looking to evolve, innovate and ultimately grow our value proposition with our most important customers. 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.
The acquisition of Escenda is another boost to our international footprint as well as our capabilities in the automotive sector, where we already support a range of global OEMs. The deal showcases Tata Technologies’ ability, confidence and commitment to continue to grow and enhance our international operations.
Stefan Wedin, chief executive officer, Escenda Engineering AB, said,
We are delighted to become a part of the Tata Technologies family and support their ambitious growth strategy in Europe. We look forward to working together and supporting pioneering projects through our combined deep industry knowledge and innovative approaches to product development.
Founded in the year 2009, Escenda Engineering provides automotive product engineering and design. The company’s product development expertise is expected to expand Tata Technologies’ automotive sector services, and grow capabilities through key partnerships in Sweden.
In a release, the company said that Escenda Engineering AB’s revenue has grown by approximately 230 percent over the last four years. In the year 2016, Escenda Engineering AB was awarded the Volvo Quality Excellence Award, an annual accolade for the highest standards and demands of Volvo cars.
Tata Technologies provides outsourced design, research and development services to the automotive, aerospace and industrial machinery industries. According to annual return filed by the company, Tata Motors owns 70.4 per cent of this Singapore-headquartered company.
