'Strategically the deal allows Hytec to gain closer synergies with a business partner with whom we already have strong ties, combining our complementary activities to achieve greater performance and increase our market share in sub-Saharan Africa,” says John Wingrove, Group Managing Director of Hytec Holdings. Power Team, a subsidiary company of Hytec which specializes in hydraulic maintenance tools and torque tightening equipment, is excluded from the deal and will remain a wholly owned subsidiary of the Tesuco Group. Bosch Rexroth will have the option to increase its shareholding over the next few years to 100% of the Hytec Group. The transaction, which is subject to regulatory approval, will cement Hytec’s position as the leading supplier and manufacturer of hydraulic and automation components and fluid power solutions in Africa. Hytec Holdings generated sales of almost 1 billion rand (about 63 million euros) in the 2013/2014 fiscal year and employs 675 employees across its operations.
Acquisition elevates fluid power leader’s positioning on the African continentīosch Rexroth plans to acquire a 50 percent stake in its sales partner Hytec Holdings (Pty) Limited, a wholly owned subsidiary of the Tesuco Group for an undisclosed sum.
