Pune (Maharashtra) [India], February 27 (ANI/NewsVoir): ADVIK Hi-Tech, a leading global automotive component manufacturer, today completed the acquisition of Hanon Bangalore Operations Pvt. Ltd. (Hanon Bangalore), from Hanon Systems, South Korea (KS: 018880).
This acquisition is a strategic fit as it accelerates ADVIK Hi-Tech's global manufacturing and R & D expertise in the powertrain systems market, enabling it to deliver a comprehensive portfolio for pumps which includes oil pumps, water pumps, and vacuum pumps for global vehicle manufacturers.
The acquisition is expected to add substantial business volume along with wider customer base and product offering to ADVIK Hi-Tech over the next 5 years.
"We're delighted about the tremendous opportunities this acquisition brings including adding an advanced manufacturing set-up in pumps and an established in-production customer base that reiterates our commitment to investing in innovation and go to market capabilities. This acquisition is a strategic step in growing our customer base and product portfolio. We are committed to excelling in service to the existing customers of Hanon Bangalore, while enhancing the portfolio. We are committed to the growth of this business," said Aditya Bhartia, Managing Director, ADVIK Group of Companies.
The acquisition of this business will add a new manufacturing facility along with, booked business; and the manufacturing, engineering, and administrative resources, to the company's existing facilities spread across a total of 10 plants including India, Indonesia and Vietnam.
This plant currently manufactures automotive water pumps and vacuum pumps for global vehicle manufacturers, with scope for expansion.
ADVIK Hi-Tech foresees steady growth in electrification in the 2W and 3W space, while it estimates hybrid powertrains will play a very crucial role in the Passenger Car segment.
The company is a world leader in supply of Oil Pump, Chain Tensioner, and CBS Brake Systems for the 2W OEMs and sees steady growth in these areas amidst a challenging business environment triggered by the COVID pandemic. With the entry of BS-VI norms, the company's throttle body and solenoid valve business has also seen high growth.
ADVIK Group of Companies, headquartered in Pune; is a leading global manufacturer of Automotive Components. With annual sales touching 100 million USD, the group offers an extensive portfolio of products like Oil Pump, Water Pump, Vacuum Pump, Cam Chain Tensioner, Solenoid Valves, EGR and Brake System. The Group is already the world leader in the manufacture of oil pumps in the 2-wheeler segment along with Cam Chain Tensioners and CBS - Combined Braking System. It services Automotive customers Globally.
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