Engineering services company Tata Technologies on Monday said it has entered into a definitive agreement to acquire Swedish engineering and design specialist Escenda Engineering AB.
"The acquisition helps Tata Technologies accelerate its plans to expand in Europe due to the rapid growth opportunity the region offers in both the automotive and industrial machinery sectors," the company said in a statement.
Following the acquisition, Escenda Engineering will become a wholly owned subsidiary of Tata Technologies Europe, it said and "will maintain the same management team and full workforce under the new ownership".
The company elaborated that through this acquisition, it will leverage its global expertise in engineering services to support key accounts in Sweden and the European market, and help them create better products for their customers.
"The acquisition is an essential component in Tata Technologies' European growth strategy and follows the recent $26 million investment in the development of a new European headquarters in the UK," the statement added.
--IANS
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