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Wipro Aerospace submits $31-M bid to acquire bankrupt US co TECT Aerospace

Economic Times  

Wipro Aerospace's US unit has bid to acquire the assets of Boeing supplier TECT Aerospace Group Holdings for USD 31 million.The bid, if successful, will help Wipro Aerospace bag more orders to supply systems and components for the Boeing 737 aircraft programme. Wipro Givon has been selected as a “stalking horse” bidder by debtors for the auction of TECT's assets in Everett, Washington, according to the document filed in the United States Bankruptcy Court, District of Delaware. A stalking-horse bid is an initial bid on the assets of a bankrupt company. Wipro Givon and Boeing have entered into a separate agreement for the deal. Wipro Aerospace is a unit of Wipro Infrastructure Engineering (WIN), whose parent is Wipro Enterprise, the privately held business of Azim Premji. WIN acquired Israel-based Givon in 2016. TECT Aerospace filed for Chapter 11 bankruptcy in April after it was hit by a stoppage in production of Boeing 737 Max aeroplanes in December 2019 and due to restrictions on air travel in the wake of Covid-19 pandemic.