TSM Corp., a Michigan-based manufacturer of precision machined components for the auto industry, announced it has expanded into Mexico with the acquisition of a production machining facility in the city of Ramos Arizpe, Coahuila.
TSM vice president of finance, Tim Gould, said the acquisition on closed August 21, but declined to provide further details, including the name of the previous owner and the financial terms of the acquisition.
TSM will rename its new 55,000-square-foot location TSM Ramos. The 64 Ramos employees are expected to remain on with the new owner, growing its staff to more than 200.
“TSM Ramos has an experienced, knowledgeable team in place. This makes it a natural fit for us,” Tom Prior, president and CEO of TSM, said in a statement. “The combined operations further enhance TSM's powertrain capacities and capabilities globally. We welcome the Ramos associates to the TSM team.”
TSM is a tier 1 supplier of powertrain, chassis and suspension parts founded in 1978. Customers include Ford, General Motors, Fiat Chrysler Automobiles (FCA) and Volkswagen among others, according to its website. The company recorded US$ 80 million in sales in 2017 and expects to grow to US$100 million in 2019.