Tata Group auto component firm Tata AutoComp Systems today said it will acquire engine cooling supplier TitanX for an undisclosed sum. Tata AutoComp Systems said in a statement that,
TitanX is a leading engine and powertrain cooling solutions supplier to the commercial vehicle industry having plants across North America, South America, Europe and China with sales of approximately USD 200 million. TitanX is currently owned by EQT Opportunity and Fouriertransform
Tata AutoComp Systems Chairman Praveen Kadle said,
TitanX fits perfectly into our future growth areas. We are confident that under the successful and experienced management in TitanX, it will be a great asset and will contribute to the growth of Tata AutoComp
Tata AutoComp Systems MD & CEO Ajay Tandon said this acquisition is a crucial part of the companys strategy of expanding globally and fortifying presence in the cooling and emission control segments. Sellers were advised by BDA Partners and Tata AutoComp was advised by Tata Capital Investment Banking. Subject to customary regulatory approvals, the transaction is expected to be completed by the end of 2016.
Tata AutoComp Systems said TitanX serves most of the western worlds OEMs, including Volvo Trucks, Scania, Daimler and Iveco. TitanX has manufacturing plants in Sweden, the US, Mexico, Brazil and China.
Tata AutoComp Systems (Tata AutoComp) predominantly provides products and services to Indian and global automotive original equipment manufacturers as well as Tier 1 suppliers. Tata AutoComp has capabilities in several automotive components including automotive interior and exterior plastics.
On the other hand, TitanX Engine Cooling is a global supplier of commercial vehicle engine and transmission cooling solutions to OEMs and the independent aftermarket. With annual sales of over 1.6 billion SEK (US$ 192 million), it has 800 employees worldwide. The company is headquartered in Gothenburg, Sweden and has manufacturing sites in Mjällby and Linköping, Sweden, Jamestown, New York, USA, and Jaguariúna, Brazil. During 2015, two more sites will open: in Kunshan, China and Saltillo, Mexico.
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