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Tata Technologies to Acquire Escenda Engineering AB
Engineering services company Tata Technologies today said it has entered into a definitive agreement to acquire Escenda Engineering AB. Following the acquisition, Escenda Engineering will become a wholly owned subsidiary of Tata Technologies Europe, However, the company will maintain the same management team and full workforce under the new ownership. "Through this acquisition, Tata Technologies 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," Tata Technologies Chief Executive Officer Warren Harris said. Commenting on the deal, Escenda Engineering AB Chief Executive Officer Stefan Wedin said, "we look forward to working together and supporting pioneering projects through our combined deep industry knowledge and innovative approaches to product development." The acquisition is an essential component in Tata Technologies' European growth strategy and follows the recent USD 26 million investment in the development of a new European headquarters in the UK, he added.
© escendaTata Technologies acquired Escenda EngineeringTata Technologies has taken the step to expand its presence in Sweden with acquiring engineering and design specialist Escenda Engineering. Following the acquisition, Escenda Engineering AB is to be established as a 100 percent subsidiary of Tata Technologies Europe Limited. Stefan Wedin, Chief Executive Officer of Escenda Engineering AB, said: "We are delighted to become a part of the Tata Technologies' family and support their ambitious growth strategy in Europe. Nick Sale, Chief Operating Officer of Tata Technologies Europe, said: "The acquisition of Escenda will boost our capacity in the Nordics as well as our capabilities in the automotive sector, where we already support a range of global OEMS. The automotive industry in Sweden is the country's largest industry, employing half a million people and representing 12 percent of total country exports.
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