Salt Lake City (PRWEB) April 26, 2013
* Expands Cambric market access and capabilities to Asia Pacific region and the Automotive sector
Tata Technologies, a leading global provider of engineering services and manufacturing enterprise IT, today announced that it has signed definitive agreements for the acquisition of US-based Cambric Corporation, a premier engineering services company providing turnkey engineering services to its customers. The 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.
Cambric is a US headquartered global engineering services company with a significant footprint in Eastern Europe. The company has three development centers in Romania and its customers include 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. Cambric is a privately held company with private equity investors holding majority stake in the company. Cambric had revenues of $25 million as of 31st December 2012 with majority of revenues coming from the Construction and Heavy Equipment sector.
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 Auto 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.”
“I am pleased to welcome them to the Tata Technologies family,” added Patrick McGoldrick.
Tim Hayes, CEO, Cambric, 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 provides. We see this combination of our two companies as a means to match our clients’ global operations with our own engineering footprint. 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, Inc. and Holland & Hart LLP. The transaction is subject to customary closing conditions.
About Tata Technologies
Tata Technologies, founded in 1989, enables ambitious manufacturing companies to design and build better products through engineering services outsourcing and the application of information technology to product development and manufacturing enterprise processes. With over 6,000 engineers, representing 17 nationalities, Tata Technologies focuses on the manufacturing industry – covering every aspect of the value chain from conceptualization, manufacturing and aftermarket/MRO support. The Company supports clients through comprehensive engineering services and IT processes and tools to manage product development and the complete manufacturing ecosystem. Tata Technologies serves clients in 25 countries, with a delivery model specifically designed for engineering and IT engagements that offers a unique blend of deep, local expertise integrated with our six global delivery centers: Detroit (USA), Coventry (UK), Pune and Bangalore (India), Stuttgart (Germany), and Bangkok (Thailand). The international headquarters is located in Singapore. http://www.tatatechnologies.com
Cambric provides end-to-end engineering services to some of the world’s most prestigious heavy-machinery, off-highway and automotive companies. Since its incorporation in 1989, Cambric has become a worldwide leader in high-end engineering services in relevant industries. Cambric is a U.S. headquartered company with engineering centers and customer-focused project managers around the globe. http://www.cambric.com