Tata Technologies has entered into a definitive agreement to acquire Escenda Engineering AB, a Gothenburg, Sweden-based automotive product engineering and design firm, for an unspecified amount.
“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,” said Warren Harris, chief executive officer, Tata Technologies.
“The deal showcases Tata Technologies’ ability, confidence and commitment to continue to grow and enhance our international operations,” he said.
The acquisition is aimed at helping Tata Technologies accelerate its growth plans in Europe which now offers increasing opportunities for the automotive and industrial machinery sectors.
After the closure of the deal, Escenda Engineering will become a wholly-owned subsidiary of Tata Technologies Europe Ltd. The company will maintain the same management team and full workforce under the new ownership, according to a statement from Tata Technologies.
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, the company said.
Focus on Europe
“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,” said Stefan Wedin, chief executive officer of Escenda.
Escenda’s revenue has grown by approximately 230% in the last four years, Tata Technologies said without disclosing details.
