Pennar Industries acquires Wayne-Burt Petro Chemicals

Pennar Industries Ltd has acquired assets of Wayne-Burt Petro Chemicals Pvt Ltd, earlier known as Bailey Hydropower Pvt Ltd, a hydraulics cylinder manufacturing company in Chennai. Elaborating on the deal, Suhas Baxi, President & CEO, Pennar, said, “This deal is a step towards creating a more diversified product and solutions portfolio. The Indian market of hydraulic systems caters to domestic as well as global supply chain for construction and mining equipment, aerospace, defense, and agricultural equipment. Bailey Hydro products already have a market in North America and allow Pennar to have a footprint in global market. We intend to invest in technology, manufacturing and market development to emerge as one of the top three players in the hydraulic systems business in India.”
 
Currently, the hydraulic equipment market in India is estimated to be approximately Rs 2,900 crores and is expected to grow to Rs 4,000 crores over the next five years. Aditya Rao, Vice Chairman, Pennar Industries added that the opportunity for the company is to create a presence across the value chain of hydraulic equipment starting with engineering services, going all the way to system integration.
 
ALSO READ: GE ties up with Thermo Fisher to offer positive material identification solutions

According to T G S Mahesh, Founder and CEO, the Wayne Burt Group, the hydraulic cylinder sector is an attractive segment for players like Pennar who are present in the value chain and in a position to derive additional value. “Our group has recently forayed into the defense, aerospace, oil & gas, and petrochemical industries and made substantial investments in these sectors,” he added.
 
Pennar Industries has acquired production, engineering, product development program and existing customer relations of Wayne Burt. The production facility in Chennai is able to produce 2,25,000 cylinders per annum; and with a globally trained technical team, strong design and engineering capabilities and an experience of catering to supply chain in North America and India provides a solid foundation for Pennar’s plans.