Advik completes acquisition of Hanon Bangaluru

Mumbai: Automotive component maker Advik Hi-Tech on Monday announced the completion of the acquisition of the Hanon Bengaluru Operations Pvt Ltd from Hanon Systems of South Korea.

Hanon's Bengaluru facility currently manufactures automotive water and vacuum pumps for global vehicle manufacturers, with scope for expansion, the company said.

This acquisition is a strategic fit as it accelerates ADVIK Hi-Tech's global manufacturing and R&D expertise in the powertrain systems market, enabling it to deliver a comprehensive portfolio for pumps which includes oil, water and vacuum pumps for global vehicle manufacturers, ADVIK Hi-Tech said in a release. A part of the Pune-based around $100 million revenue ADVIK Group, the company's product portfolio includes oil water and vacuum pumps, cam chains, tensionets and combined brake system, among others, catering to the automotive customers globally.

The acquisition is expected to add substantial business volume along with wider customer base and product offering to the company over the next five years, it said. "We're delighted about the tremendous opportunities this acquisition brings including adding an advanced manufacturing set-up in pumps and an established in-production customer base that reiterates our commitment to investing in innovation and go to market capabilities" said Aditya Bhatia, Managing Director, ADVIK group. This acquisition is a strategic step in growing the customer base and product portfolio, he said, adding "we are committed to excelling in service to the existing customers of Hanon Bengaluru, while enhancing the portfolio.