Tata Technologies announced that it has signed definitive agreements for the acquisition of US-based Cambric Corporation, an engineering services company providing turnkey solutions to its customers. This 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 a US headquartered company has significant footprint in eastern Europe. The company has three development centres 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 automotive 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.”
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 will provide. 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.”
