Tata acquires engine cooling supplier TitanX
Auto supplier Tata AutoComp Systems Limited has acquired TitanX, a global engine cooling supplier who owns manufacturing plants in Mexico. The value of the deal remains undisclosed.
BDA Partners and Tata Capital Investment Banking acted as advisory partners for TitanX and Tata AutoComp respectively, said both companies in a statement.
TitanX is currently owned by private equity majors, EQT Opportunity and Fouriertransform. It provides the latest technology oriented engine and powertrain cooling solutions to the commercial vehicle industry having their own plants across North America, South America, China and Europe.
As of today, TitanX boasts of sales of approximately US$ 200 million. It also has manufacturing plants in the US, Sweden, China and Brazil; and boasts of OEM clients such as Volvo Trucks, Daimler, Scania, and Iveco.
With this acquisition, Tata AutoComp hopes to strengthen its capabilities and bolster its growth. It also aims to expand its geographical reach and secure its position in the cooling and emission control segments.
The deal is expected to be completed by the end of 2016, subject to customary regulatory approvals.