ABC Technologies (ABC) has announced the completion of its acquisition of TI Fluid Systems (TIFS) for an enterprise value of over £1.8bn (US$2.38bn). The combined business will be rebranded TI Automotive.
The transaction brings together two complementary businesses to create a stronger, more diversified Tier 1 manufacturer supplying safety and performance critical products and highly engineered components.
TI Automotive will be led by ABC president and CEO Terry Campbell. Headquartered in Auburn Hills, Michigan, TI Automotive will be managed through a regional operating model to ensure customer proximity and the agility to respond rapidly to local market dynamics.
Commenting on the acquisition, Campbell said, “We have a great business with exceptional people, differentiated products, a deep commitment to safety and a relentless focus on delivering for our customers. As we embark on the next chapter of our history, we are focused on maximizing shared strengths, building on the best of both our organizations and winning as a team.
“The combination creates exciting opportunities to drive innovation and manufacturing excellence, while establishing the foundations for our future growth. I am confident that we will do great things together.”