Tata AutoComp Systems COMPLETES ACQUISITION OF TITANX ENGINE COOLING
Gothenburg/Pune, January 02, 2017: In line with its strategy of expanding globally and fortifying presence in the Cooling and Emission Control segments, Tata AutoComp Systems Limited, a leading auto-component conglomerate, today announced completion of the acquisition of TitanX - a leading global engine cooling supplier.
Speaking on the occasion, Mr. Praveen Kadle – Chairman, Tata AutoComp Systems Limited said: “With the successful acquisition of TitanX, we look forward to leverage TitanX’s global presence that fits well into our well-defined global growth strategy. The acquisition further reiterates our commitment in delivering solutions that will cater to the changing needs of global customers. Offering improved products and services are our strength and we are confident that this acquisition will further help provide world-class products and services for the automotive industry.”
Mr. Ajay Tandon, MD & CEO, Tata AutoComp Systems Limited added: “The acquisition of TitanX will help further strengthen and enhance our offering to our commercial vehicle customers outside India. Through the acquisition of TitanX we will have the scale, portfolio and resources necessary to usher in a new era of innovative products and solutions for our global customers. In India, we have Tata Toyo Radiator Limited, a Joint Venture with TRAD, Japan, which will continue to serve its customers in India.”
Mr. Stefan Nordstrom, CEO TitanX said: “We are eager to start work with our new owner, Tata AutoComp Systems Limited and are confident that their long-term strategic view will enable us to take the next steps in our growth strategy. We are committed to further strengthen our role as global partners of advanced powertrain cooling solutions to our customers.”
Geographically spread across North America, South America, Europe, and China with sales of approximately USD 200 million, TitanX is an engine and powertrain cooling solutions provider as well as a principal supplier to the Commercial Vehicle industry. TitanX was previously owned by EQT Opportunity and Fouriertransform.
Sellers were advised by BDA Partners and Tata AutoComp was advised by Tata Capital Investment Banking.
About Tata AutoComp Systems Limited:
Tata AutoComp Systems Limited (Tata AutoComp), promoted by the Tata Group, provides products and services to the Indian and Global automotive OEMs as well as Tier 1 suppliers. Tata AutoComp has own capabilities in Automotive Interior & Exterior Plastics, Composites, Sheet Metal Stampings as well as Engineering and Supply Chain. Tata AutoComp has 7 joint ventures in partnership with leading companies from the Global Auto Component Industry through which it manufactures and markets automotive components and systems like engine cooling solutions, automotive batteries, rear view mirrors, command systems, HVAC, exhaust and emission control systems, seating systems and electronic solutions for passenger and commercial vehicles as well as suspensions for heavy commercial vehicles. Tata AutoComp has 33 manufacturing facilities spread across India including two in China.
About TitanX
TitanX is a world leading supplier of powertrain cooling solutions for commercial vehicles and the company serves most of the western world’s OEMs, including Volvo, Scania, Daimler, and Iveco. TitanX has manufacturing plants in Sweden, USA, Mexico, Brazil, and China.
About EQT:
EQT is a leading global private equity group in Europe with approximately EUR 30 billion in raised capital. EQT has portfolio companies in Europe, Asia, and the US with total sales of more than EUR 15 billion and approximately 100,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence, and market leadership.For further information, please visit www.eqt.se
About Fouriertransform
Fouriertransform is a Swedish state-owned venture capital company, with the strategy to invest capital and be an active owner in companies in the manufacturing industry that have innovative and commercially viable products. The company, which has a total investment portfolio of 3 billion SEK, is an owner that provides expertise, networks and sound ownership governance to help its portfolio companies achieve their full potential. For further information, please visit www.fouriertransform.se.