Tata AutoComp Systems has announced its plans to acquire engine cooling supplier TitanX for an undisclosed sum.
A Tata Group auto component firm, the company has said that the acquisition is a crucial part of its strategy of expanding globally and fortifying presence in the cooling and emission control segments.
"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," said Tata AutoComp Systems MD and CEO, Ajay Tandon.
"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," said Tata AutoComp Systems Chairman, Praveen Kadle.
The transaction is expected to be completed by the end of 2016 after it is subjected to customary regulatory approvals.
"TitanX serves most of the western world's OEMs, including Volvo Trucks, Scania, Daimler and Iveco. TitanX has manufacturing plants in Sweden, the US, Mexico, Brazil and China," said Tata AutoComp Systems in a statement.
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