Tata AutoComp To Acquire TitanX Engine cooling
Posted by: Clara Fernandes at 8/16/2016 01:53:00 am
A Global Powertrain Cooling Solutions Supplier
Gothenburg/ Pune Aug 16th, 2016: Tata AutoComp Systems Limited, a leading auto-component conglomerate, to acquire TitanX – a leading global engine cooling supplier
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.
Speaking on the occasion, Mr Praveen Kadle – Chairman Tata AutoComp Systems Limited 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.”
Mr Ajay Tandon, MD & CEO Tata AutoComp Systems Limited added: “Tata AutoComp offers its customers in India and China a wide portfolio of products and services through its own capabilities and Joint Ventures with Global majors. In India, we have a very successful partnership with TRAD, which has state of the art 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.”
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.
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 for passenger and commercial vehicles as well as seating systems and suspensions for heavy commercial vehicles. Tata AutoComp has 33 manufacturing facilities spread across India including two in China.
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 Trucks, Scania, Daimler and Iveco. TitanX has manufacturing plants in Sweden, USA, Mexico, Brazil and China.
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.