Tata AutoComp Systems today acquired TitanX, in a move that has been described by industry and sectoral experts as a major move to enable the Tata group-owned auto component-making concern cater to the growing global market for automobile components. The move will particularly enable Tata AutoComp to become a leading global engine cooling supplier. A statement of the acquisition was released in a press statement today.
Tata AutoComp announced the plans to buy out the unit for the first time in August 2016. The company did not disclose the value of the deal and no statement was forthcoming either. The move is being seen as a step further for the Tata subsidiary to expand globally and fortify its presence in the cooling and emission control segments.At the moment, Tata AutoComp manufactures large exterior vehicle components, Kinematic plastic parts including air vents and other peripherals like radiators, batteries and inner coolers. The acquisition will help it cater to a niche segment as well. Tata AutoComp is Tata AutoComp Systems is promoted by the Tata Group and provides these products and consulting services to domestic as well as global automotive OEMs.
Tata AutoComp Systems Ltd Chairman Praveen Kadle was quoted here saying,”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. 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.”
TitanX, known globally as TitanX Engine Cooling is a supplier of powertrain cooling solutions to commercial vehicles, both for OEMs and the independent aftermarket. With annual sales of over $ 192 million, the company has some 800 employees worldwide. The company is headquartered in Gothenburg, Sweden with manufacturing sites in Sweden, USA, Brazil, China and Mexico. TataComp will look forward to using TitanX’s scale, portfolio and resources to introduce a new era of innovative products and solutions now that it is a global player.