Brussels-based WABCO, a global supplier of technologies that improve the safety and efficiency of commercial vehicles, has acquired MICO Inc., a supplier of hydraulic components, controls and brake systems for heavy-duty, off-highway vehicles in agriculture, construction, mining and similar industries. MICO generated revenues of approximately $52 million in 2015 and is headquartered in North Mankato, Minn.
A long-time industry leader in pneumatic braking systems, WABCO is expanding its product offerings through the acquisition to become the first and only supplier with a portfolio of complete pneumatic and hydraulic braking and control systems for off-highway vehicles worldwide.
In addition to this unique offering, the acquisition harnesses powerful synergies between technology leaders WABCO and MICO. WABCO’s strong global presence provides increased access to growth markets and customers worldwide for MICO products. In return, WABCO gains improved access to the off-highway market in North America while expanding its operational footprint in the region. Both companies will also be able to build on demonstrated world-class engineering and manufacturing capabilities.
“WABCO continues to extend its technology leadership position in the commercial vehicle industry to the off-highway market worldwide,” said Jacques Esculier, WABCO Chairman and Chief Executive Officer. “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.”
“We are excited to welcome our MICO colleagues to the WABCO family,” said Nick Rens, WABCO President, Trailer Systems, Aftermarket and Off-Highway Division. “Over the past 70 years, MICO has become an industry leader in the field of hydraulic braking and control systems for the off-highway market. WABCO’s and MICO’s engineering capabilities, product offerings, and market presence match perfectly. We are well-positioned to deliver an unprecedented level of product choice, quality, and service to off-highway customers around the globe. Together, we are poised to take our off-highway business to the next level.”
MICO maintains a total of five locations in the United States (3), Mexico (1), and the United Kingdom (1). The company has approximately 260 employees. MICO was previously privately owned and operated.
