Tata Tech to acquire US-based Cambric Corp for $32.5 mn
New Delhi: Tata Technologies, a global leader in engineering services and manufacturing enterprise IT, today said it has signed definitive agreements to acquire US-based engineering services company Cambric Corporation for USD 32.5 million.
The USD 32.5 million deal will provide access to high-end, systems engineering, engine design and powertrain engineering capability, Tata Technologies said.
"This partnership will strengthen Tata Technologies' global footprint and domain capabilities to provide high-end engineering services to a diverse set of existing and new clients, especially in Europe. It will also provide Cambric access to the Asia Pacific region," the company said.
Cambric is a US-headquartered company with a significant footprint in Eastern Europe and has three development centres in Romania catering to some of the world's marquee heavy machinery, agricultural, off-highway and automotive companies.
Cambric provides system level engineering and design capabilities in engine, powertrain, chassis/structures, body, electrical and hydraulic systems to its global customers
Tata Tech said Cambric "is a privately held company with private equity investors holding majority stake in the company" and had revenues of USD 25 million as of 31st December 2012.
Commenting on the acquisition, Patrick McGoldrick, Managing Director and CEO, Tata Technologies, said: "Cambric gives our customers in the Construction and Heavy Equipment as well as in the Automotive sector access to specialists in this field as well as an access to Cambric's powertrain expertise."
Additionally, Cambric's customers will have access to Tata Technologies' footprint in Asia Pacific and complementary capabilities including embedded systems, enterprise IT and extensive automotive domain experience, he added.
Cambric CEO Tim Hayes said: "We are excited to become a part of Tata Technologies ambitious growth strategy and look forward to providing our customers the added breadth, depth and global footprint that the combined entity will provide."
He added, "We will now have similar engineering capability in the Asia Pacific region to supplement our significant Romanian and US presence."
Cambric was advised by Rothschild and Holland &Hart, the company said, adding the transaction is subject to customary closing conditions.
Tata Technologies, part of Tata group, serves clients in 25 countries.