Tata AutoComp concludes acquisition of TitanX
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Mumbai: Tata AutoComp Systems Ltd, Tata group’s auto component-making firm, has completed the acquisition of TitanX, a global engine cooling supplier, the company said in a statement on Monday.
It announced the plans to buy out the unit in August 2016. The company did not disclose the value of the deal. The acquisition is in line with its strategy of expanding globally and fortifying presence in the cooling and emission control segments, the company 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,” said Praveen Kadle, chairman, Tata AutoComp Systems.
Ajay Tandon, managing director and chief executive at the firm, the acquisition of TitanX will help further strengthen and enhance its offerings for commercial vehicle customers outside India. Through the acquisition, the Pune-based firm will have the scale, portfolio and resources necessary to usher in a new era of innovative products and solutions for its global customers. In India, Tata AutoComp has a subsidiary, Tata Toyo Radiator Ltd, a joint venture with TRAD, Japan. The unit serves auto makers in India.