Indian automotive component conglomerate, Tata AutoComp Systems Limited, has acquired TitanX Engine Cooling, a powertrain cooling supplier for commercial vehicles. The latter was earlier owned by EQT Opportunity and Fouriertransform, part of the EQT Group, a private Swedish equity company. Under EQT Opportunity, TitanX was conceived from a 'carve-out' of three factories to a leading cooling system supplier for commercial vehicles.
After the acquisition, Praveen Kadle, Chairman, Tata AutoComp Systems Limited said, “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. The acquisition further reiterates our commitment in delivering solutions that will cater to the changing needs of global customers. Offering improved products and services are our strength and we are confident that this acquisition will further help provide world-class products and services for the automotive industry.” Tata AutoComp supplies its products and services to Indian and global OEMs (Original Equipment Manufacturer) in the automotive sector. These include their expertise in automotive interior and exterior plastics, composites, sheet metal stampings, engineering and supply chain.
Tata AutoComp currently has seven joint ventures which include the development of engine cooling solutions, automotive batteries, rear view mirrors, command systems, HVAC, exhaust and emission control systems, seating systems and electronic solutions for passenger and commercial vehicles. In addition, the company also fabricates suspension system for heavy commercial vehicles and has 34 manufacturing facilities.
Stefan Nordstrom, CEO, TitanX said, “We are eager to start work with our new owner, Tata AutoComp Systems Limited and are confident that their long-term strategic view will enable us to take the next steps in our growth strategy. We are committed to further strengthen our role as global partners of advanced powertrain cooling solutions to our customers.” TitanX is one of the major suppliers to Volvo, Scania, Daimler and Iveco commercial vehicles' wing and has its manufacturing plants in Sweden, USA, Mexico, Brazil and China.