Belgium/US – The acquisition will enable the Belgian components supplier to offer a complete range of pneumatic and hydraulic braking and control systems for off-highway vehicles. WABCO also expects to benefit from a number synergies between the two companies.
MICO, previously a private company, is headquartered in North Mankato, Minnesota, and generated revenues of $52m last year. It has 260 employees spread across five locations: three in the US, one in Mexico and one in the UK. MICO’s hydraulic components, controls and brake systems are fitted in heavy-duty, off-highway vehicles used in agriculture, construction and mining.
WABCO will gain improved access to the off-highway market in North America, while its own international network will provide MICO with additional growth markets for its products. The two companies will build on their engineering and manufacturing capabilities.
“The acquisition of MICO provides us with access to new growth opportunities in the off-highway industry, thereby enabling WABCO to sustain its outperformance and drive shareholder value,” said Jacques Esculier, chairman and CEO of WABCO.