JBM Cadmium, part of JBM Group, has acquired Tesco Go, which provides product development engineering services to the auto, railway and aerospace sectors.

A reliable source close to the development said the deal was worth around US$40m. The source added: "Now, we can think globally and act locally."

Tesco Go was established 43 years ago and now has offices in Detroit, London, Munich, Stuttgart and Turin employing around 300 people. Customers include Piaggio, MAN, McLaren, Mercedes Benz/Daimler, JMC, Ford, Iveco, Lamborghini, Scania, Bajaj, BMW, Chrysler, Fiat, Maserati and Tata.