New Delhi, Tata Group auto component firm Tata AutoComp Systems today said it will acquire engine cooling supplier TitanX for an undisclosed sum.
"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 said in a statement.
Tata AutoComp Systems Chairman Praveen Kadle said: "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".
Tata AutoComp Systems MD & CEO Ajay Tandon said this acquisition is a crucial part of the company's strategy of expanding globally and fortifying 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.
Tata AutoComp Systems said 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.