Livemint: August 17, 2016
Mumbai: Tata AutoComp Systems Ltd, the Tata Group-promoted auto component firm, is set to acquire TitanX, a global engine-cooling supplier, Tata AutoComp said on Tuesday.
TitanX is a manufacturer and supplier of engine and power-train cooling solutions to commercial vehicle makers with plants across North America, South America, Europe and China with sales of approximately $200 million. TitanX is currently owned by EQT Opportunity and Fouriertransform.
The company did not disclose the value of the transaction. The 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, the company said.
“TitanX represents state of the art power-train 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,” said Praveen Kadle, chairman Tata AutoComp Systems.
Tata AutoComp offers its customers in India and China a portfolio of products and services through a combination of its own capabilities and seven joint ventures with global firms.
In India, Tata AutoComp already has a joint venture with TRAD, which offers engine-cooling solutions for the passenger vehicle segment.
“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,” said Ajay Tandon, managing director and chief executive at Tata AutoComp.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.