- Tata AutoComp Systems (Tata AutoComp), a leading auto-component conglomerate, to acquire TitanX – a leading global engine cooling supplier.
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 USD200 million. TitanX is currently owned by EQT Opportunity and Fouriertransform.
Speaking on the occasion, Praveen Kadle, chairman, Tata AutoComp, said, “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.”
Ajay Tandon, MD and CEO, Tata AutoComp, added, “Tata AutoComp offers its customers in India and China a wide portfolio of products and services through its own capabilities and joint ventures with global majors. In India, we have a very successful partnership with TRAD, which has state of the art engine cooling solutions for the passenger vehicle segment. TitanX has the latest technology in engine cooling solutions for commercial vehicles, which will help enhance our offering to our customers in commercial vehicle segment outside India. Given the challenges the auto-industry faces in emission control, this acquisition is a crucial part of our strategy of expanding globally and fortifying our presence in the cooling and emission control segments.”
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.