The acquisition of TitanX will help strengthen Tata AutoComp's offerings to the commercial vehicle industry in overseas markets.
02 Jan 2017 | 4362 Views | By Autocar Pro News Desk
Four-and-a-half months after it first announced that it was acquiring TitanX, a leading global engine cooling supplier to commercial vehicle manufacturers, auto component major Tata AutoComp Systems has today announced completion of the acquisition.
The acquisition of Titan X is in line with Tata AutoComp Systems’ strategy of ...
This is an Autocar Pro Plus article. Subscribe to continue reading.
Four-and-a-half months after it first announced that it was acquiring TitanX, a leading global engine cooling supplier to commercial vehicle manufacturers, auto component major Tata AutoComp Systems has today announced completion of the acquisition.
The acquisition of Titan X is in line with Tata AutoComp Systems’ strategy of expanding globally and fortifying presence in the cooling and emission control segments.
According to Praveen Kadle, chairman, Tata AutoComp Systems, “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.”
Ajay Tandon, MD and CEO, Tata AutoComp Systems, added: “The acquisition of TitanX will help further strengthen and enhance our offering to our commercial vehicle customers outside India. Through the acquisition of TitanX we will have the scale, portfolio and resources necessary to usher in a new era of innovative products and solutions for our global customers. In India, we have Tata Toyo Radiator, a joint venture with TRAD, Japan, which will continue to serve its customers in India.”
Stefan Nordstrom, CEO TitanX, said: “We are eager to start work with our new owner, Tata AutoComp Systems 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.”
Geographically spread across North America, South America, Europe, and China with sales of approximately US$ 200 million (Rs 1,263 crore), TitanX is an engine and powertrain cooling solutions provider as well as a principal supplier to the commercial vehicle industry. TitanX was previously owned by EQT Opportunity and Fouriertransform.