Tata Technologies acquires US-based Cambric Corp
26 April 2013
Tata Technologies, a Tata Group company, has signed definitive agreements to acquire privately-held US-based engineering services company Cambric Corp for $32.5 million.
Tata Technologies is a provider of engineering services and manufacturing enterprise IT, while Cambric Corp is an engineering services company providing turnkey solutions.
The acquisition 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. It will also provide Cambric access to the Asia Pacific region.
Cambric is a US-headquartered 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.
Cambric provides system level engineering and design capabilities in engine, power-train, chassis / structures, body, electrical and hydraulic systems to its global customers.
Private equity investors hold a majority stake in Cambric. It had revenues of $25 million as of December 31, 2012, with majority of it coming from construction and heavy equipment sector.
''Cambric gives our customers in the construction and heavy equipment as well as in the automotive sector access to specialists in this field as well as an access to Cambric's power-train expertise. Additionally, Cambric's customers will have access to Tata Technologies' footprint in Asia Pacific and complementary capabilities including embedded systems, enterprise IT and extensive automotive domain experience,'' Patrick McGoldrick, Managing Director and CEO, Tata Technologies, said.
Cambric was started in 1989 as Cambric Graphics Ltdby Derek Smith and Marc Hansen, offering document conversion services transforming legacy drawings into intelligent CAD files. It was renamed Cambric Corporation in 1995.
Cambric was advised by Rothschild and Holland & Hart. The transaction is subject to customary closing conditions.