TI Automotive Sells its Industrial Group Businesses to an Affiliate of Sun Capital Partners, Inc.
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WARREN, Mich., Feb. 8 -- TI Automotive, a leading Tier 1 supplier to major automotive manufacturers and other Tier 1 suppliers, announced today the sale of its Industrial Group businesses to an affiliate of Sun Capital Partners, Inc., a leading private investment firm focused on leveraged buyouts and other investments in market-leading companies.
The TI Automotive Industrial Group includes Bundy Refrigeration, Walbro Engine Management and VARI-FORM. It accounts for 15 percent of TI Automotive's sales and employs 5,000 people.
The sale is expected to close late this month. Specific financial terms are not disclosed.
"The TI Automotive Board of Directors believes this transaction will allow the Industrial Group companies to continue their leadership role in their respective industries," says William J. Laule, chief executive officer, TI Automotive.
"Over recent months, the Board has focused significant effort on determining the strategic direction for the company," he adds. "This transaction will allow TI Automotive to strengthen its core automotive businesses."
Bundy Refrigeration products include evaporators, condensers, door warmers, compressor components, defrosting coils and heat exchangers.
Walbro Engine Management's portfolio includes ignition modules, air filter assemblies, diaphragm carburetors, fuel tank assemblies, flywheels, fuel filters and impulse fuel pumps for lawn and garden and recreational-vehicle engine applications.
VARI-FORM components include engine cradles, radiator closures, instrument panel beams and roof rails.
Sun Capital Partners, Inc. is a leading private investment firm focused on leveraged buyouts, equity, debt, and other investments in market-leading companies. Sun Capital affiliates have invested in and managed more than 140 companies worldwide with combined sales in excess of $33.0 billion since Sun Capital's inception in 1995. Sun Capital has offices in Boca Raton, Los Angeles and New York, and affiliates with offices in London, Tokyo and Shenzhen, China.
TI Automotive is the world's leading supplier of fluid storage, transfer and delivery systems, including brake, fuel and air conditioning applications. With headquarter locations in Warren, Mich., and Oxford, England, the company employs more than 16,000 people at more than 110 facilities in 28 countries on six continents.
Further information is available on the Internet at www.tiautomotive.com.
Source: TI Automotive
CONTACT: Jim Newell of TI Automotive, +1-586-755-8466, or +011-44-1865-871883, or jnewell@uk.tiauto.com; or Jen Howell, jhowell@usautocom.com, or Don Haberek, dhaberek@usauto, both of AutoCom Associates, +1-248-647-8621
Web site: www.tiautomotive.com/
