Tata Technologies To Acquire Cambric
Tata Technologies, part of India’s Tata Group and a global provider of engineering services and manufacturing enterprise IT, announced that it has signed definitive agreements to acquire Cambric Corp., a Salt Lake City, Utah-based engineering services company. Financial details were not provided.
“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 an access to Cambric’s powertrain expertise,” said Patrick McGoldrick, managing director and CEO, Tata Technologies. “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.”
Cambric has developed a footprint in Eastern Europe, with three development centers in Romania and customers that include heavy machinery, agricultural, off-highway and automotive manufacturers. Cambric provides system level engineering and design capabilities in engine, powertrain, chassis/structures, body, electrical and hydraulic systems. The privately held Cambric had revenues of $25 million in 2012, with the majority coming from the construction and heavy equipment sectors.
“We see this combination of our two companies as a means to match our clients’ global operations with our own engineering footprint,” said Tim Hayes, Cambric’s CEO. “We will now have similar engineering capability in the Asia Pacific region to supplement our significant Romanian and U.S. presence.”
The transaction is subject to customary closing conditions.