Mumbai: Tata Technologies, a Tata Group company, said on Friday that it had signed definitive agreements for the acquisition of US-based engineering services company Cambric Corp. for $32.5 million.
The 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, the company said in a statement. It will also provide Cambric access to the Asia-Pacific region.
Cambric is a US-based company with a 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, it said.
Cambric earned revenue of $25 million in the year ended 31 December 2012, with the biggest share coming from the construction and heavy equipment sector.
Cambric was advised by investment banker Rothschild and law firm Holland and Hart. The transaction is subject to regulatory approvals.