TI Fluid Systems explained

TI Fluid Systems
Foundation:2000
Location:Oxford, England, UK
Industry:Automotive Engineering
Key People:Manfred Wennemer (Chairman)
Hans Dieltjens, (CEO and President)
Products:Automotive fluid systems
Revenue: €3,516.2 million (2023)[1]
Operating Income: €195.8 million (2023)
Net Income: €83.6 million (2023)
Num Employees:25,600 (2023)[2]

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

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.

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]

Structure

The company has two divisions: fuel tank systems and fluid carrying systems (such as brakes, battery cooling and climate control).[13]

External links

Notes and References

  1. Web site: Preliminary Results 2023. TI Fluid Systems. 12 March 2024.
  2. Web site: Overview. TI Fluid Systems. 18 February 2023.
  3. News: TI Fluid Systems looks to raise €600m through London IPO. Financial Times. en-GB. Nathalie. Thomas. 29 September 2016.
  4. News: UK: Why TI Group went west. 1 April 1996. Andrew. Lorenz. Management Today. 14 February 2018.
  5. News: Smiths Industries Agrees to Acquire TI Group in $2.48 Billion Transaction. Wall Street Journal. 19 September 200. 16 March 2023.
  6. News: Exclusive: Cooper-Standard weighs merger with TI Automotive - sources. Reuters. Soyoung. Kim. 26 February 2014.
  7. News: Torn Apart & Rebuilt. Lindsay. Chapel. 27 September 2010. Automotive News.
  8. News: TI Automotive to be acquired by Bain for $2.4 billion, report says. Automotive News. 27 January 2016. 29 December 2016.
  9. News: TI Fluid Systems revives London listing plans. 9 October 2017. Reuters.
  10. News: Bain Capital takes second shot at TI Fluid Systems IPO. 10 October 2017. Darragh. Riordan. Real Deals. 30 November 2017.
  11. News: TI Fluid Systems takes second shot at London IPO - Plastics News. LaForest. Audrey. Plastics News. 25 October 2017.
  12. Web site: Leggett . David . 2023-09-11 . Signal: TI Fluid Systems to acquire Cascade Engineering Europe . 2023-09-11 . Just Auto . en-US.
  13. Web site: Fluid Carrying Systems TI Fluid Systems. www.tifluidsystems.com. 2021-04-26.

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