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Written by / Agency / Source: Tooltech Scandinavia AB

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Tooltech Acquires Two Automotive Engineering Companies in Sweden - Tooltech Scandinavia, part of the India- based Tooltech Group, has recently acquired two Swedish engineering design firms - Aspinova AB & Ideteknik AB
Tooltech Acquires Two Automotive Engineering Companies in Sweden

 

NewswireToday - /newswire/ - Göteborg, Sweden, 2008/06/09 - Tooltech Scandinavia, part of the India- based Tooltech Group, has recently acquired two Swedish engineering design firms - Aspinova AB & Ideteknik AB.

   
 
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Tooltech, an India based engineering services group has recently acquired two midsized automotive engineering companies in Sweden. Ideteknik is a well established engineering firm, whose clients include SAAB and GM Engineering. It employs 21 engineers. Aspinova is a well established Project Management engineering firm whose clients include Volvo Car Company, AB Volvo & the Lear Corporation. It employs 22 engineers. Both companies are based in Gothenburg.

These acquisitions make the fourth European acquisition for Tooltech, in a ‘string of pearls’ acquisition strategy. Tooltech has grown from a CAD Services to a Product Development Services firm. It has also evolved from providing outsourced services to a ‘global engineering delivery’ model, combining low cost locations in India and Eastern Europe with its 7 front office delivery locations in Europe. The earlier acquisitions are Teco (since renamed Tooltech Deutschland) in Germany and Design Tech (since renamed Tooltech Romania).

Tooltech has a significant Swedish presence. In December 2007, our Swedish office, Tooltech Scandinavia AB, won the coveted title of “The Foreign Owned Company of Göteborg Region”. The Award was bestowed upon us by “Business Region Göteborg” as a part of its annual Christmas tradition for the region’s expatriates.

About Tooltech
Tooltech is a leading global engineering services provider headquartered in Pune, India and has offices in 9 countries throughout Europe and North America. It has a pool of trained manpower resources of 400 which includes over 80 nationals of countries in which it operates. The company specializes in concurrent engineering solutions for industries including automotive, aerospace, heavy engineering, marine & tool design. Clients include BMW, Aker Yards, Mann+Hummel, Atlas Copco, SAAB, General Motors and Volvo.

Offices located in India (Pune & Bangalore), Germany, Romania, Finland, Sweden, Norway, Denmark, France and the United States. The depth of our local European Network allows us to offer cross over technical skills as well as an in-depth understanding of the work flow process, cultural integration and business practices which helps us achieve a seamless European / Indian model.

Key achievements across verticals:
1. Automotive:
• Strategic Development Partner for offshore engineering services at BMW.
• Strategic Development Partner to SAAB, Volvo Trucks & Volvo Cars through our recently acquired companies Aspinova and Ideteknik in Sweden.

2. General Engineering:
• 25 marquee European clients including Atlas Copco Mining, Dellner Couplers, Wartsila Engines, and Outotec.

3. Marine:
• Invited by Aker Yards, one of the largest Shipyards worldwide, to build an India Engineering Design Centre from scratch.

4. Oil & Gas:
• Selected by Fabricom, a leading Norwegian Oil & Gas company, for the set up of a India design center.

5. Aerospace:
• Invited by HAL, the largest Indian Government Aeronautical Agency, to manage the VVIP interior design & prototype of an Advanced Light Helicopter to FAR Part 29 standards.

 
 
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Written by / Agency / Source: Tooltech Scandinavia AB

 
 

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Tooltech Acquires Two Automotive Engineering Companies in Sweden

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Publisher Contact: Neha Mirchandani - Tooltech.net 
+46 31 773 71 63 neha.mirchandani[.]tooltech.net
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Tooltech Scandinavia AB securities in any jurisdiction including any other companies listed or named in this release.

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