New Delhi, May 9: Wipro Infrastructure Engineering's hydraulic cylinders and components manufacturing business has entered into a definitive agreement to acquire Canada-based Novacap portfolio firm Mailhot Industries, the company announced on Thursday. This acquisition will allow Wipro Hydraulics to expand its footprint in Canada, the US, and Mexico, as well as penetrate new segments like refuse trucks, snow removal equipment, defence, and remanufacturing in North America.

"This acquisition marks a pivotal moment for us, further bolstering our market position by integrating new technologies and expanding our global footprint. This strategic move will complement our capabilities and strengthen our leadership position in the North American market," Pratik Kumar, CEO, Wipro Infrastructure Engineering (WIN) & MD, Wipro Enterprises, said in a statement. Microsoft and Wipro Team Up To Launch Suite of GenAI-Powered Assistants for Financial Services.

The acquisition also includes JARP Industries, a part of Mailhot Industries and a leader in custom hydraulic and remanufactured cylinders for segments including utilities, mining, defence, and oil & gas. "We are convinced that by partnering with Wipro, Mailhot is destined to become an even bigger player in the global hydraulic cylinder market and reinforce its leadership position in North America," said Charles Massicotte, President, Mailhot Industries. Wipro Signs Deal With Nokia: IT Software Major Inks Multi-Million Agreement With Nokia for Digital Workplace Services.

Established in 1956, Mailhot Industries specialises in the refuse trucks and snow removal equipment market and is known for the reliability of its products in demanding work environments. In addition, Sitaram Ganeshan, President, Wipro Hydraulics, said that this acquisition will "allow us to increase our capabilities in existing segments such as utilities and mining, positioning us to serve our customers better".

(The above story first appeared on LatestLY on May 09, 2024 03:18 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).