New Delhi, May 9 Wipro Infrastructure Engineering's hydraulic cylinders and components manufacturing business has entered into a definitive agreement to acquire Canada-based Novacap portfolio firm Mailhot Industries, the company announced on Thursday.
This acquisition will allow Wipro Hydraulics to expand its footprint in Canada, the US, and Mexico, as well as penetrate new segments like refuse trucks, snow removal equipment, defence, and remanufacturing in North America.
"This acquisition marks a pivotal moment for us, further bolstering our market position by integrating new technologies and expanding our global footprint. This strategic move will complement our capabilities and strengthen our leadership position in the North American market," Pratik Kumar, CEO, Wipro Infrastructure Engineering (WIN) & MD, Wipro Enterprises, said in a statement.
The acquisition also includes JARP Industries, a part of Mailhot Industries and a leader in custom hydraulic and remanufactured cylinders for segments including utilities, mining, defence, and oil & gas.
"We are convinced that by partnering with Wipro, Mailhot is destined to become an even bigger player in the global hydraulic cylinder market and reinforce its leadership position in North America," said Charles Massicotte, President, Mailhot Industries.
Established in 1956, Mailhot Industries specialises in the refuse trucks and snow removal equipment market and is known for the reliability of its products in demanding work environments.
In addition, Sitaram Ganeshan, President, Wipro Hydraulics, said that this acquisition will "allow us to increase our capabilities in existing segments such as utilities and mining, positioning us to serve our customers better".
--IANS
shs/dan
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor