Advik Hi-Tech, a leading global automotive component manufacturer, has completed the acquisition of Hanon Bangalore Operations (Hanon Bangalore), from Hanon Systems, South Korea.
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 pumps, water pumps, and vacuum pumps for global vehicle manufacturers.
The acquisition is expected to add substantial business volume along with wider customer base and product offering to Advik Hi-Tech over the next 5 years.
“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. This acquisition is a strategic step in growing our customer base and product portfolio. We are committed to excelling in service to the existing customers of Hanon Bangalore, while enhancing the portfolio. We are committed to the growth of this business,” said Aditya Bhartia, MD, Advik Group of Companies.
The acquisition of this business will add a new manufacturing facility along with, booked business; and the manufacturing, engineering, and administrative resources, to the company’s existing facilities spread across a total of 10 plants including India, Indonesia and Vietnam.
This plant currently manufactures automotive water pumps and vacuum pumps for global vehicle manufacturers, with scope for expansion.
Advik Hi-Tech foresees steady growth in electrification in the 2W and 3W space, while it estimates hybrid powertrains will play a very crucial role in the passenger car segment.