New Delhi: India‘s Wipro Infrastructure Engineering (WIN) today announced it will acquire Israel-based H. R. Givon, a supplier of metallic parts and assemblies to the aerospace industry, in an all-cash deal. The Indian company however did not disclose the amount involved in the acquisition.
“This acquisition will help WIN broaden its product portfolio, expand global footprint and strengthen its ability to forge deeper customer relationships in the aviation and aerospace industry,” the company said in a statement. The acquisition is subject to customary closing conditions and regulatory approvals, expected to be done by September this year.
Givon, founded in 1970 and having three production plants of which two are in Israeli and one in Everett-Washington in the U.S. with a workforce of 290, manufactures aircraft structural parts and assemblies that form part of the fuselage, wings and empennage; and supplies to global companies such as Boeing Company, Hindustan Aeronautics Limited and Korean Aerospace Industries.
Israel is India’s second largest supplier of weapons and military equipment after Russia. India, in turn, is the largest buyer of Israeli military equipment.
“Independent estimates put the potential offset opportunities at USD 10 billion and the acquisition of HR Givon will strengthen WIN’s ability to address this market,” the Indian company said.
In 2013, WIN had set up India’s first aerospace actuator manufacturing facility at the Devanahalli Special Economic Zone, near the Bangalore International Airport in Karnataka. The company plans to expand into multiple product lines and enter into technology partnerships with leading aerospace companies.
“We welcome Givon to the Wipro family. Givon has a strong tradition of technical expertise and enduring client relationships. I am confident that Wipro and Givon together will be a significant force in key markets,” WIN Chief Executive Officer Pratik Kumar said.
The synergies from the combined portfolio and locational proximity will be a key enabler to build and nurture successful customer relationships, he added.
WIN, which specialises in designing and manufacturing custom hydraulic actuators and precision engineered components for aerospace, construction and earth-moving and defence sectors, has a global workforce of over 1,700 people. Part of Wipro Enterprises, WIN has 13 manufacturing facilities spread across India, Europe, the US and Brazil.
“We are delighted with the opportunity to join hands with Wipro and this gives us an opportunity to bring to the market an expanded range of offerings,” H. R. Givon Chief Executive Officer Ronen Givon said.