MUMBAI: Engineering services firm Tata Technologies on Monday said it entered into a definitive agreement to acquire Escenda Engineering AB for an undisclosed sum. Following the acquisition, Escenda will become a wholly-owned subsidiary of Tata Technologies Europe. The acquisition helps Tata Technologies accelerate its expansion plans in Europe that offers growth opportunities in both automotive and industrial machinery sectors.
“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,” said Warren Harris, CEO, Tata Technologies. He added that the acquisition was an essential component in Tata Technologies’ European growth strategy and follows the recent $26 million investment in the development of an European headquarters in the UK.
“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, CEO, Escenda Engineering AB.