Finland’s Citec buys Cargotec’s Indian engineering operations

Engineering solutions firm Citec is acquiring Cargotec’s local engineering centre along with its 110 employees in Pune for an undisclosed amount, as per a press statement issued on Friday.

Cargotec's engineering centre in Pune provides engineering projects for the global cargo handling industry. This transaction will enable Citec to attain faster growth in India as well as strengthen its engineering competence for the manufacturing industry.

"We continue to grow as a diverse engineering solutions provider, benefiting from the combined offerings, resources and global footprint of the two companies,” said Nasir Mulani, managing director, Citec India.

Citec is headquartered in Vaasa, Finland, and has offices in Finland, India, Sweden, the UK, France, Germany, Russia and Singapore and had a turnover of around €70 million in 2013. It provides multi-discipline engineering and information management services to the energy and power industry, and other technology-dependent industries.

"This is a significant step for our operations in India and it also provides great business opportunities elsewhere,” said Martin Strand, CEO, Citec.

Citec has been present in India for 10 years with more than 530 employees in total with offices in Mumbai, Chennai and Bangalore. Globally it has around 1,200 employees.

Citec's global units will provide Cargotec and its businesses Hiab, Kalmar and MacGregor engineering and project management services, as well as technical documentation services, for their projects worldwide.

Olli Isotalo, president, Kalmar at Cargotec, said, "This partnership allows Cargotec better flexibility and efficiency, while simultaneously offering great career opportunities for our 110 engineers in Pune. Our strategic intent is to continue to grow and strengthen the market position of Hiab, Kalmar and MacGregor businesses in India."

Cargotec is also a Finnish company providing cargo handling services. MacGregor, Kalmar and Hiab are into cargo and load handling solutions around the world.

(Edited by Joby Puthuparampil Johnson)

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