WABCO has acquired off-highway hydraulic brake manufacturer MICO.
Explaining the reasoning behind the acquisition, WABCO stated, “A long-time industry leader in pneumatic braking systems, WABCO is expanding its product offerings through the acquisition to become the first and only supplier with a portfolio of complete pneumatic and hydraulic braking and control systems for off-highway vehicles worldwide.”
It went on to outline the existing ‘synergies’ between the two companies, and how the acquisition opens the North American market to WABCO.
“The acquisition of MICO provides us with access to new growth opportunities in the off-highway industry, thereby, enabling WABCO to sustain its outperformance and drive shareholder value,” WABCO chairman Jacques Esculier said.
“We are excited to welcome our MICO colleagues to the WABCO family,” Nick Rens, WABCO president for trailer systems, aftermarket and off-highway division said.
“Over the past 70 years, MICO has become an industry leader in the field of hydraulic braking and control systems for the off-highway market; WABCO’s and MICO’s engineering capabilities, product offerings, and market presence match perfectly.”
No valuation was given for the acquisition, however it is understood MICO has approximately 260 employees and generated US$52 million in revenues last year.