MANCHESTER, England—Hose and accessory maker Manuli Hydraulics has acquired a majority of the shares of PSI Hydraulics Pvt. Ltd. to expand its presence in India significantly.
A division of Milano, Italy-headquartered Manuli Rubber Industries S.p.A., Manuli Hydraulics bought a majority stake in PSI because it said the business is the third largest company in India in the hydraulic fluid conveyance field and has great growth potential.
Financial details were not disclosed.
PSI's name will be changed to Manuli PSI Hydraulics, and it will become part of the Manuli Hydraulics network. It operates plants in Bangalore and Udaipur, India.
PSI manufactures hydraulic assemblies—including high pressure hose, preassembled fittings, pumps and spare parts—at its plants for use in heavy earthmoving, construction, surface and underground equipment machine tools, plastic injection molding machines, material handling equipment, and steel and cement equipment, according to Peter Brooks, marketing manager for Manuli Hydraulics.
He noted that PSI primarily will continue to serve the market in India, generally for aftermarket support or for use by local equipment manufacturers.
Manuli Hydraulics said that bringing PSI into its fold will provide PSI's customers with direct access to Manuli Hydraulics' skilled engineers and technicians who operate out of five global innovation centers that focus on continuous development of new technologies.
It already has a base in India with a site in Tamil Nadu. The company will experience considerable growth in the country because of the acquisition, Brooks said, because the addition “provides greater proximity to key existing and potential customers.”
He said that hoses are a core component of all products produced by both companies.
While PSI focuses on its local market, Manuli Hydraulics operates globally with manufacturing facilities in Poland and China along with a hose production plant it opened last year in Orsha, Belarus, with a local partner, according to Brooks.
Its biggest market share is in Europe, although it is gaining ground and expanding in the U.S. where the firm recently opened a new hose assembly plant in Chambersburg, Pa.
The company employs more than 2,000 at manufacturing and logistics facilities in 14 countries spread across the globe.