Wipro arm buys Israeli aerospace firm
Bengaluru: Wipro Infrastructure Engineering, a division of Wipro Enterprises Ltd., on Monday announced it has acquired Israel-based aerospace firm H.R. Givon for an undisclosed amount.
“The acquisition will help us to broaden product portfolio, expand global footprint and forge deeper customer ties in the aviation and aerospace industry,” the city-based company subsidiary said in a statement here.
The deal is expected to be completed in September after regulatory approvals.
The 46-year-old Givon tier-1 supplier to original equipment manufacturers makes structural parts and assemblies for fuselage, wings and empennage of an aircraft.
“As India is the largest buyer of Israeli military equipment and Israel is the second largest defence supplier to India after Russia, buying Givon will strengthen our ability to address the market, where offset potential is estimated to be $10 billion,” the statement said.
With three manufacturing plants, including two in Israel and one at Everett, Washington in the US, Givon is also Israel’s largest manufacturer of metallic aero-structure parts and assemblies, specialising in precision machining and sheet metal fabrication with specialty in titanium. It has 290 employees.
“Givon has a tradition of expertise and enduring client relationships. We are confident of being a significant force in key markets with synergies from our combined portfolio and location proximity,” said the subsidiary’s chief executive Pratik Kumar on the occasion.
The Wipro arm had set up the country’s first aerospace actuator manufacturing facility at the Devanahalli special economic zone near the Bangalore international airport.
Being strategic to the company’s future, plans are underway to expand the facility into multiple product lines and enter into technology tie-ups with leading aerospace firms.
“Joining hands with Wipro gives us an opportunity to bring to the market an expanded range of offerings,” said Givon chief executive Ronen Givon in the statement.
With 1,700 global workforce and 13 production units across India, Europe, the US and Brazil, the infrastructure engineering arm is one of the largest hydraulic actuator manufacturers worldwide.
Wipro Enterprises Ltd., hived off from the IT services business from April 2013, is a global hydraulic solutions provider with expertise in designing and making custom hydraulic actuators and precision engineered components for a range of applications.