Tata Motors' engineering services arm Tata Technologies Ltd has acquired Cambric Corporation, a US-based engineering services company from an unnamed private equity investor, for $32.5 million (Rs 176 crore) to strengthen its footprint globally, especially In Europe, according to a company statement.
Cambric has significant footprint in eastern Europe, with three development centres in Romania with team of 450 engineers. It had revenues of $25 million as of 31 December 2012, majority of which came from construction and heavy equipment sector.
“Cambric gives our customers in the construction and heavy equipment as well as in the auto sector, access to specialists in this field as well as access to Cambric’s powertrain expertise. Additionally, Cambric’s customers will have access to Tata Technologies footprint in the Asia-Pacific and complementary capabilities, including embedded systems, IT expertise and extensive automation domain experience,” said Patrick McGoldrick, MD and CEO, Tata Technologies.
Cambric was advised by Rothschild and Holland and Hert. The transaction is subject to customary closing conditions.