The family-owned target company has been in operations since 1973 and employs around 130 people. It is in the business of supplying automation technology and assembly systems for global automobile manufacturers, according to a press release. Hochrainer also has a presence in other non-automotive sectors.
For Wipro PARI, which has around 1,300 employees with a global presence, the acquisition represents an important step in the strategic development of the group in Europe, the release said. The company did not disclose the financial details with respect to the deal.
“Our industrial automation business has grown significantly in the last four years. This acquisition will further help us expand our Europe presence and consolidate our global leadership position. It will bring significant benefits to our customers and other stakeholders, ” said Pratik Kumar, chief executive, Wipro Infrastructure Engineering.
Wipro Infrastructure Engineering is part of privately-held Wipro Enterprises. Non-IT businesses such as fast-moving consumer goods, lighting, and aerospace component manufacturing were demerged from the listed entity in 2013.
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