Wipro Hydraulics, the hydraulic cylinders and components manufacturing business of Wipro Infrastructure Engineering (WIN), on Thursday said it signed a definitive agreement to acquire Canada-based Mailhot Industries, backed by Canadian private equity Novacap. The cost of acquisition and other financial details were not disclosed.
“With this acquisition of Mailhot, we will expand our footprint to Canada, the US, and Mexico, as well as penetrate new segments like refuse trucks, snow removal equipment, defense, and remanufacturing in North America. This also allows us to increase our capabilities in existing segments such as utilities and mining, positioning us to serve our customers better. Together, we will have an increased presence and offer a wider portfolio of products and technologies to our customers,” said Sitaram Ganeshan, president, Wipro Hydraulics.
Backed by billionaire Azim Premji’s Wipro group, WIN is the unlisted industrial engineering division of Wipro Enterprises which has an annual revenue of $1.9-billion (as against Wipro Ltd’s $11.2 billion).
In a recent interaction with ET, WIN’s chief executive officer (CEO) Pratik Kumar said the company plans to make inorganic bets with an aim to grow its individual revenues to $1 billion by the end of current financial year ending March 2025 from an estimated $800 million in FY24. The company claims Mailhot is among the top players in the North American markets.
“Wipro Hydraulics stands as one of the world’s largest independent hydraulic cylinder manufacturers, delivering over one million cylinders to OEMs globally. This acquisition marks a pivotal moment for us, further bolstering our market position by integrating new technologies and expanding our global footprint. This strategic move will complement our capabilities and strengthen our leadership position in the North American market,” said Kumar, who is also managing director of Wipro Enterprises.
Established in 1956, Mailhot Industries specialises in the refuse trucks and snow removal equipment market. The acquisition also includes JARP Industries, a part of Mailhot Industries and a leader in custom hydraulic and remanufactured cylinders for segments including utilities, mining, defense, and oil & gas.
“The expertise and reputation of Mailhot in the North American Hydraulic Cylinder market combined with Wipro’s globally recognized leadership in manufacturing and technology will broaden Mailhot’s offerings in North America and open new international markets for existing products. We are convinced that by partnering with Wipro, Mailhot is destined to become an even bigger player in the global hydraulic cylinder market and reinforce its leadership position in North America,” said Charles Massicotte, president, Mailhot Industries.
Wipro hydraulics business specialises in designing and manufacturing custom-built hydraulic cylinders for applications in diverse segments such as construction & earthmoving, material & cargo handling, forestry, farm & agriculture, mining, and truck tipping solutions. Presently, it operates 11 manufacturing facilities globally.
Founded four decades ago in 1976, WIN started with manufacturing and engineering expertise in the hydraulics business and later expanded to industrial automation business now named as Wipro PARI (Precision Automation and Robotics India), Wipro Aerospace in precision manufacturing and landing gears, Wipro 3D, which does additive manufacturing in aerospace, space, defence, healthcare, and industrial solutions, and Wipro Water, providing wastewater treatment solutions for industries.
Source: Economic Times