Tata group's auto component-making firm, Tata AutoComp Systems Ltd., stated that it has finished the acquisition of TitanX, a global engine cooling supplier.
Livemint reported that the company also stated earlier that it had declared plans to buy out the unit in August 2016 and did not disclose the consideration of the deal. The acquisition is in order with its strategy to expand globally and consolidated presence in the cooling and emission control segments.
"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," Praveen Kadle, chairman, Tata AutoComp Systems says.
Ajay Tandon, managing director and chief executive at the firm, stated that the acquisition of TitanX will boost and further strengthen to enhance its offerings for commercial vehicle segment and customers outside India. With the acquisition, the Pune-based firm will have the scale, portfolio and resources required to bring out a new era of innovative products and solutions for its global customers. In India, Tata AutoComp has a subsidiary, Tata Toyo Radiator Ltd, a joint venture with TRAD, Japan. The unit assists auto makers in India.
The economic times reported that Tata AutoComp Systems stated that TitaX offers services to most of the western world's OEMs that include Volvo Trucks, Scania, Daimler and Iveco. TitanX has manufacturing plants in the U.S, Sweden, Mexico, Brazil and China.
"TitanX 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". Chairman of Tata AutoComp says.
"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," Tata AutoComp Systems says.
Sellers were given advice by BDA Partners and Tata AutoComp was also advised by Tata Capital Investment Banking.
According to the customary regulatory approvals, the transaction was proposed to be completed by the end of 2016.