TitanX is a leading engine and powertrain cooling solutions supplier to the Commercial Vehicle industry having plants across North America, South America, Europe and China with sales of approximately $200 million (USD). The company was previously owned by a private group in Europe called EQT Opportunity and Swedish venture capital company Fouriertransform.
Speaking on the occasion, Tata AutoComp Systems, Chairman, Praveen Kadle 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."
With TitanX, TACO is looking to expand its portfolio to a global customer base. TitanX brings the scale and resources needed to address the solutions of global customers. That said, TitanX will remain a global entity as far as operations are concerned and TACO will not be incorporating its technologies in Indian operations. The company, instead, will continue with Toyo Radiator Limited (TRAD), its joint venture with TRAD, Japan, that offers cooling solutions for Indian customers.
Speaking on the acquisition, Tata AutoComp Systems, MD and CEO, Ajay Tandon 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 Limited, a Joint Venture with TRAD, Japan, which will continue to serve its customers in India."
