Wipro Hydraulics Acquires Canadian Based Mailhot Industries By CIOTechOutlook Team

Wipro Hydraulics Acquires Canadian Based Mailhot Industries

CIOTechOutlook Team | Friday, 10 May 2024, 02:52 IST

Wipro Hydraulics, Wipro Infrastructure Engineering's hydraulic cylinders and components manufacturing business, announced that it has inked a definitive deal to purchase Mailhot Industries in Canada, which is funded by Canadian private equity Novacap. The acquisition cost and other financial information were not published.

“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.

WIN, the unlisted industrial engineering business of Wipro Enterprises, is backed by billionaire Azim Premji's Wipro group and has an annual revenue of $1.9 billion (compared to $11.2 billion for Wipro Ltd).

“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.