Bengaluru: Wipro Givone USA, an arm of Wipro Infrastructure Engineering, is buying the Washington manufacturing facility Boeing Supplier TECT Aerospace Group Holdings for $31 million.
A Bloomberg Law report said Wipro’s bid for the construction site was the only qualified offer, TECT told the US Bankruptcy Court for the District of Delaware. The court cleared the deal.
TECT Aerospace manufactures complex aerostructure components, parts and assemblies. It produces thousands of assemblies and parts that are used in flight controls, fuselage/interior structures, doors, wings, landing gear, struts and nacelles, and cockpits. Emails sent to Wipro Givone for confirmation and details regarding the deal did not elicit any response.
Wipro Infrastructure Engineering has several aerospace parts manufacturing facilities including Bangalore. In 2016, it acquired HR Givon, an Israel-headquartered manufacturer of metal parts and assemblies for the aerospace industry. Wipro Givone operates a manufacturing site in Everett, WA, less than a mile from Boeing’s main factory.
TECT said in a statement to Worldofaviation.com in April that the company experienced catastrophic financial losses resulting from the suspension of the 737 Max (Boeing) Production (in December 2019) This was followed by the impact of COVID-19 on industry production rates.
“After 15 months of diligent work with its lenders, customers and suppliers, and exhausting all out-of-court restructuring efforts, TECT has concluded that an orderly and organized Chapter 11 proceeding is in the best interest of its creditors. is,” the company told Worldofaviation.com.
A Bloomberg Law report said Wipro’s bid for the construction site was the only qualified offer, TECT told the US Bankruptcy Court for the District of Delaware. The court cleared the deal.
TECT Aerospace manufactures complex aerostructure components, parts and assemblies. It produces thousands of assemblies and parts that are used in flight controls, fuselage/interior structures, doors, wings, landing gear, struts and nacelles, and cockpits. Emails sent to Wipro Givone for confirmation and details regarding the deal did not elicit any response.
Wipro Infrastructure Engineering has several aerospace parts manufacturing facilities including Bangalore. In 2016, it acquired HR Givon, an Israel-headquartered manufacturer of metal parts and assemblies for the aerospace industry. Wipro Givone operates a manufacturing site in Everett, WA, less than a mile from Boeing’s main factory.
TECT said in a statement to Worldofaviation.com in April that the company experienced catastrophic financial losses resulting from the suspension of the 737 Max (Boeing) Production (in December 2019) This was followed by the impact of COVID-19 on industry production rates.
“After 15 months of diligent work with its lenders, customers and suppliers, and exhausting all out-of-court restructuring efforts, TECT has concluded that an orderly and organized Chapter 11 proceeding is in the best interest of its creditors. is,” the company told Worldofaviation.com.
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