TI Fluid Systems
 | |
| Company type | Public limited company |
|---|---|
| Industry | Automotive Engineering |
| Founded | 2000 |
| Headquarters | Oxford, England, UK |
Key people | Manfred Wennemer (Chairman) Hans Dieltjens, (CEO and President) |
| Products | Automotive fluid systems |
| Revenue |  €3,516.2 million (2023)[1] |
| €195.8 million (2023)[1] | |
| €83.6 million (2023)[1] | |
Number of employees | 25,600 (2023)[2] |
| Website | www |
TI Fluid Systems is a British multinational company which develops, manufactures and supplies automotive fluid storage, carrying and delivery systems. The company serves the automotive aftermarket through Bundy, Walbro and Marwal brands. The company's headquarters are located in Oxford, England, with Corporate Offices based in Auburn Hills, Michigan, U.S. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
History
[edit]The company traces its history back to the Bundy Corporation, which was founded in 1922 and supplied petroleum fuel lines to the Ford Model T.[3] It was acquired by TI Group plc in 1988.[4] After Smiths Group acquired TI Group in 2000, Smiths Group transferred its newly acquired automotive business into a corporate entity in 2001 thereby creating TI Automotive.[5]
In 2007, the company was acquired by a consortium of private equity investors.[6] The company was forced to go through a debt-to-equity swap in 2009 following the global economic downturn.[3]
William "Bill" L. Kozyra was named chairman, chief executive officer and president of TI Automotive in May 2008.[7]
In January 2015, the company was acquired by Bain Capital for $2.4 billion.[8][9]
In October 2017, the company floated on the London Stock Exchange under its new name of TI Fluid Systems.[10] The company floated 25 percent of its shares.[11]
In September 2023, it was announced TI Fluid Systems has acquired the Halásztelek-headquartered plastic injection moulding company, Cascade Engineering Europe Kft. for $27.7 million.[12]
In December 2024, the directors agreed a takeover offer from ABC Technologies of Canada, a company controlled by Apollo Global Management.[13]
Structure
[edit]The company has two divisions: fuel tank systems and fluid carrying systems (such as brakes, battery cooling and climate control).[14]
References
[edit]- ^ a b c "Preliminary Results 2023" (PDF). TI Fluid Systems. Retrieved 12 March 2024.
- ^ "Overview". TI Fluid Systems. Retrieved 18 February 2023.
- ^ a b Thomas, Nathalie (29 September 2016). "TI Fluid Systems looks to raise €600m through London IPO". Financial Times.
- ^ Lorenz, Andrew (1 April 1996). "UK: Why TI Group went west". Management Today. Retrieved 14 February 2018.
- ^ "Smiths Industries Agrees to Acquire TI Group in $2.48 Billion Transaction". Wall Street Journal. 19 September 200. Retrieved 16 March 2023.
- ^ Kim, Soyoung (26 February 2014). "Exclusive: Cooper-Standard weighs merger with TI Automotive - sources". Reuters.
- ^ Chapel, Lindsay (27 September 2010). "Torn Apart & Rebuilt". Automotive News.
- ^ "TI Automotive to be acquired by Bain for $2.4 billion, report says". Automotive News. 27 January 2016. Retrieved 29 December 2016.
- ^ "TI Fluid Systems revives London listing plans". Reuters. 9 October 2017.
- ^ Riordan, Darragh (10 October 2017). "Bain Capital takes second shot at TI Fluid Systems IPO". Real Deals. Retrieved 30 November 2017.
- ^ LaForest, Audrey (25 October 2017). "TI Fluid Systems takes second shot at London IPO - Plastics News". Plastics News.
- ^ Leggett, David (2023-09-11). "Signal: TI Fluid Systems to acquire Cascade Engineering Europe". Just Auto. Retrieved 2023-09-11.
- ^ www.cityam.com, Maria Ward-Brennan (29 November 2024). "TI Fluid Systems agrees to be bought by of Apollo-backed ABC Technologies". Business Live.
- ^ "Fluid Carrying Systems | TI Fluid Systems". www.tifluidsystems.com. Retrieved 2021-04-26.