Tata AutoComp to acquire auto cooling systems firm TitanX
16 August 2016
Tata AutoComp Systems, the Tata Group's auto component arm, said it will acquire TitanX, a leading global engine cooling supplier, for an undisclosed amount.
TitanX is currently owned by EQT Opportunity and Fouriertransform and supplies engine and powertrain cooling solutions to the commercial vehicle industry having plants across North America, South America, Europe and China with sales of approximately $200 million.
Praveen Kadle, chairman, Tata AutoComp Systems said, ''TitanX represents state of the art powertrain cooling solutions with a global presence that 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.''
''TitanX has the latest technology in engine cooling solutions for commercial vehicles, which will help enhance our offering to our customers in commercial vehicle segment outside India. Given the challenges the auto-industry faces in emission control, this acquisition is a crucial part of our strategy of expanding globally and fortifying our presence in the cooling and emission control segments,'' Ajay Tandon, MD and CEO Tata AutoComp Systems added.
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.
TitanX is a leading engine and powertrain cooling systems supplier to the commercial vehicle industry with sales of about $200 million. It supplies to Volvo Trucks, Scania, Daimler and Iveco. It has manufacturing plants in Sweden, the USA, Mexico, Brazil and China.