Wipro Hydraulics (NYSE:WIT) saw its share prices dipped Thursday, as the company and Indeco Ind Spa announced that they have entered into a definitive agreement for Wipro to acquire Indeco Ind Spa. This landmark partnership comes at a symbolic moment, as both companies celebrate 50 years of engineering excellence and market leadership.
The union brings together two leaders in their respective fields: Indeco, a global benchmark in hydraulic attachments, and Wipro Hydraulics, one of the world’s largest independent manufacturers of hydraulic cylinders. This strategic move will provide the global reach and industrial strength required to make us even greater while preserving the identity that has defined the brand for half a century.
Commenting on the acquisition, CEO Pratik Kumar said: "This acquisition marks a milestone for us and an entry into a new adjacent space for our hydraulics business.It fulfils our quest for growth while expanding opportunities to serve our customers better.”
Wipro is a diversified business with expertise spanning five decades of engineering and manufacturing excellence in Hydraulics, Industrial Automation, Aerospace, Water Treatment, Additive Manufacturing and Electronic Materials.
WIT shares began trading Thursday down 3.5 cents, or 1.6%, to $2.22.
