Tata AutoComp Systems, the Tata Group-owned auto-component conglomerate, will acquire TitanX, Sweden’s global engine cooling supplier, for an undisclosed sum.
TitanX, which supplies engine and power train cooling solutions to the commercial vehicle industry, has plants across North America, South America, Europe and China with sales of approximately $200 million.
TitanX is owned by EQT Opportunity and Fouriertransform. The company will continue to operate independently under the new owner.
Praveen Kadle, chairman Tata AutoComp Systems, 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.”
Subject to customary regulatory approvals, the transaction is expected to be completed by the end of 2016.TitanX supplies to Volvo Trucks, Scania, Daimler and Iveco. It has manufacturing plants in Sweden, US, Mexico, Brazil and China.
Meanwhile, Delhi-based auto component maker Minda Corporation has signed a 50:50 joint venture with Shangdong Beiqi Hai Hua Automobile Parts Co, China, through its 100 per cent subsidiary Minda KTSN.
This joint venture will initially focus on producing and selling plastic oil pans and cylinder head along with other plastic under-bonnet / interior parts. It will also have the rights for production and marketing of Minda KTSN products within china. The new joint venture will be known as ‘Minda China Plastic Solutions’ and the start of production is expected in next 12-15 months.
The JV will be targeting global orders of major original equipment manufacturers such as Volkswagen, BMW and Daimler having their manufacturing plants in China. The total investment amount of the JV will be $12.5 million.
Last Friday, the Uno Minda Group announced it would acquire 49 per cent stake of Roki Japan for Rs 43 crore in a joint venture that its parent group UNO Minda has with the Japanese firm.
The JV makes air cleaner assembly for automobiles and supplies to Maruti Suzuki, Honda and Yamaha. It has manufacturing facilities at Bawal in Haryana, Mallur in Karnataka and Bidhalpur in Gujarat.