Wipro Enterprises to acquire a majority stake in Italy-based Ferretto Automation
Wipro Pari, part of Wipro Infrastructure Engineering, has signed a definitive agreement to acquire a "significant majority share capital" of Ferretto Automation and Services, according to a joint statement.
' industrial automation business Wipro Pari will acquire a majority stake in Italy-based Ferretto Automation and Services for an undisclosed amount.
Wipro Pari, part of Wipro Infrastructure Engineering, has signed a definitive agreement to acquire a "significant majority share capital" of Ferretto Automation and Services, according to a joint statement.
Ferretto Automation and Services is a subsidiary of Ferretto Group based in San Polo-Reggio Emilia.
The financial details of the deal were not disclosed.
"Ferretto Group continues to hold a minority participation in the project; Riccardo Ferretto will be the Chairman and Managing Director of the new company and will be responsible for the overall business activities," the joint statement said.
Ferretto Automation and Services specialises in the design and manufacture of automated storage systems. It manufactures a full range of state-of-the-art intra-logistics automation solutions for all storage (ASRS Automated Storage and Retrieval Systems), handling and distribution needs.
Ferretto Automation and Services revenue is approximately 70 million euros (around Rs 617 crore).
Wipro Enterprises, led by Azim H Premji, has two business verticals—Wipro Consumer Care and Lighting and Wipro Infrastructure Engineering.
The first one is in the FMCG space with its business spanning lighting, switches and office furniture, while Wipro Infrastructure is a diversified engineering business in hydraulics, water treatment, additive manufacturing, aerospace and automation solutions.
Wipro Enterprises Managing Director Pratik Kumar said Wipro's Industrial Automation business has grown significantly in the last five years and is already an acknowledged market leader in providing solutions for global automotive OEMs, specifically in the emerging BEV (battery electric vehicles) and HFCV (hydrogen fuel cell vehicles).
"This acquisition will help us expand our offerings beyond the in-factory automation solutions to both industrial, CPG (consumer products group), retail and ecommerce warehousing, storage and automation solutions," said Kumar, who is also CEO, Wipro Infrastructure Engineering.
Ferretto Group Chairman and MD Riccardo Ferretto said, "We have been at the forefront of Warehousing Automation technology with Multi-depth Automated Storage and Retrieval Systems (ASRS) with stacker cranes and shuttles".
"We are convinced that this engagement will bring significant benefits to customers and long-term prospects for Wipro Ferretto as one of the leading Logistics Automation solutions providers in the world," he added.
Wipro Infrastructure Engineering operates in hydraulics, industrial automation, aerospace, water treatment, and additive manufacturing.