Nordic hydraulics group PMC Group AB (PMC) has acquired Winstar Hydraulics Private Ltd. (Winstar Hydraulics) of India.
Winstar Hydraulics produces hydraulic systems for the regulation and pitch control of wind turbines. PMC Group has been in collaboration with Winstar Hydraulics since 2007, which will change corporate name to PMC Winstar Ltd. after the acquisition. Two of its current owners will retain their executive positions in the company.
Winstar Hydraulics has some 40 employees and operates in Bangalore and Chennai, where several of PMC's customers also have manufacturing plants.
This acquisition strengthens PMC's positioning as a leading vendor to the wind power industry, and provides the company with a secure base to keep developing business in India and the rest of Asia.
"India is an attractive market for the wind power industry, and in tandem with our operation in Qingdao, China, we now have a strong presence in Asia. Our Nordic customers in other segments are also established here, and accordingly, this acquisition will constitute the base of PMC's other activities in India. The acquisition is an expression of our strategy of following our customers' global expansion. We're pleased to welcome Winstar Hydraulics to the PMC Group," commented Mikael Andersson, CEO of PMC Group AB.
"Access to proprietary production operations in India is consolidating our work delivering hydraulic solutions to customers. This applies to major wind power producers as well as the group's other industrial customers with activities in the region," added Erik Holst, Group VP, who heads up PMC's companies in Denmark, China, the US, and now, India.
This acquisition is conditional and is scheduled for completion on 1 April 2011.
For more information, contact
Mikael Andersson, President and CEO, PMC Group at +46 70 942 16 15
Erik Holst, Group VP, Region Denmark/China/US at +45 6120 6100