17 August 2016 Current Affairs: Tata AutoComp Systems, the Tata Group-owned auto-component conglomerate, will acquire TitanX, a leading global engine cooling supplier.
TitanX supplies engine and powertrain cooling solutions to the commercial vehicle industry having plants across North America, South America, Europe and China with sales of approximately $200 million.
TitanX is currently owned by EQT Opportunity and Fouriertransform.
TitanX represents state of the art powertrain cooling solutions with a global presence that 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.
Sellers were advised by BDA Partners and Tata AutoComp was advised by Tata Capital Investment Banking. Subject to customary regulatory approvals, the transaction is expected to be completed by the end of 2016.
TitanX supplies to Volvo Trucks, Scania, Daimler and Iveco. It has manufacturing plants in Sweden, USA, Mexico, Brazil and China.