BusinessWire India
Bari [Italy]/ Bengaluru (Karnataka) [India], April 28: Wipro Hydraulics and Indeco Ind Spa are proud to announce 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, Mr. Pratik Kumar, CEO, Wipro Infrastructure Engineering (WIN) & Managing Director, Wipro Enterprises, 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."
Mr. Sitaram Ganeshan, President, Wipro Hydraulics, said: "This acquisition adds attachments to our current hydraulic cylinder portfolio thereby broadening our customer offering. Our value proposition is enhanced with the expanded manufacturing & distribution footprint and talent. Wipro Hydraulics and Indeco each brings a 50-year legacy, with strong product positioning built on innovation, quality, reliability, and customer service."
Ms. Susanna Vitulano, CEO of Indeco Ind Spa, commented: "It has been a privilege to be part of this incredible journey as we built Indeco into a respected global brand. Today, our products are synonymous with reliability and superior service. Wipro is the perfect partner to nurture our next phase of growth. Indeco will leverage enhanced R&D capabilities and a vast global network to further develop its existing organisation and products."
"The Vitulano family remains deeply committed to this partnership, staying fully and operationally involved in Indeco. This ensures that the passion and values that built Indeco will continue to help us flourish within the Wipro Group."
This partnership was facilitated by PwC as Wipro's financial advisor, with A&O Shearman serving as legal advisors. On Indeco's side, BNP Paribas and KT&Partners acted as financial advisors with PedersoliGattai acting as legal advisors.
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