Gothenburg, Sweden (Agency): 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.