Tata Technologies buys Escenda Engineering
“The acquisition of Escenda will boost our capacity in the Nordics as well as our capabilities in the automotive sector, where we already support a range of global OEMS,” said Nick Sale, Chief Operating Officer of Tata Technologies Europe in a statement.
“Our new colleagues are some of the world’s finest engineers and we are united by a shared vision to bring better products to market for our customers and for the millions of people around the world who benefit from them.”
Escenda, based in Gothenburg, is a leader in product engineering and design for the country’s car industry. The company has more than 150 engineers and its revenue has grown by approximately 230 per cent across the last four years. It has a long-standing relationship with local carmaker Volvo Cars.
Following the acquisition, Escenda Engineering AB becomes a 100 per cent subsidiary of Tata Technologies Europe Limited. The company will maintain the same management team and full workforce under the new ownership.
Stefan Wedin, CEO of Escenda Engineering AB, said:
“We are delighted to become a part of the Tata Technologies’ family and support their ambitious growth strategy in Europe. We look forward to working together and supporting pioneering projects through our combined deep industry knowledge and innovative approaches to product development.”
- Around 40 per cent of the Gothenburg region’s automotive companies are foreign owned.
- 60 per cent of Sweden’s automotive R&D investments in the private sector are made in the Gothenburg region.
- The Gothenburg region’s automotive cluster directly employs around 25,000 people.