Gilbarco Veeder-Root has signed a definitive agreement to acquire the assets of Midco Limited, subject to customary conditions to closing.
Headquartered in Mumbai, India, Midco designs and manufactures fuel dispensers and related fuel service station equipment. Midco has a demonstrated track record of fit for purpose engineering products and quality service across India. Midco will integrate with GVR’s India operations, led by the current GVR Managing Director for India, Vivek Bhide.
The acquisition signals Gilbarco’s commitment to expanding its footprint in this key market. “India is a very important market for us as it continues to grow, deregulate and adopt technology to improve efficiency and protect the environment,” said Aaron Saak, President of Gilbarco Inc. “Over time we plan to increase the full breadth of the GVR product portfolio and integrated automated solutions to the market in India. This large installed base of equipment, combined with the remote monitoring and software capabilities, through the recent acquisition of Orpak, puts us in a good position to drive network visibility, digitization and operational efficiency across the fueling sector. We are excited to make this additional investment locally to continue to drive improvements in the way we meet our customers’ expectations.”
Midco will become part of GVR’s India operations post-closing. Closing is expected to require approximately 3 months due to statutory requirements. PWKD13062018