Wipro buys Brazil manufacturing unit
Wipro Ltd on Wednesday signed an agreement to acquire a majority stake in Brazil-based hydraulic cylinder manufacturer RKM Equipamentos Hidráulicos Ltd.business Updated: May 11, 2011 21:23 IST
Wipro Ltd on Wednesday signed an agreement to acquire a majority stake in Brazil-based hydraulic cylinder manufacturer RKM Equipamentos Hidráulicos Ltd.
The acquisition is expected to be completed during the quarter, subject to customary regulatory approvals. Financial details of the transaction were not disclosed.
The acquisition would be a part of Wipro’s infrastructure engineering division, a global leader in precision engineered hydraulic cylinders and components.
It is a Tier-1 supplier to global original equipment manufacturers 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, said Pratik Kumar, president, Wipro infrastructure engineering.