Month: September 2023

Welcoming Cascade Engineering Europe to the TI Fluid Systems family

Posted on by edzwonkiewicz

We are excited to announce that TI Fluid Systems (TIFS) has agreed to acquire Cascade Engineering Europe (CEE), a company based in Hungary known for its excellence in the automotive sector.

As a leader in the design and manufacturing of thermal fluid connectors and other complex plastic injection moulded components, CEE has a strong reputation for its technical expertise and product quality – offering design, development, tooling, prototyping and serial manufacturing capabilities.

The acquisition aligns with our long-term electric vehicle strategy to increase our market share in the thermal connector market and increase vertical integration. The acquisition of CEE will also increase the components in the TIFS product portfolio to support the growth of internal content in our innovative Integrated Thermal Modules.

But this move isn’t just about strategy and commercial growth. It’s about people. Soon, we will be welcoming 349 new faces, talents and stories to the TI Fluid Systems family, bringing fresh perspectives and expertise to fuel our collective journey into the future. We’re looking forward to the coming weeks as we offer a warm welcome to the team at CEE and get to know our new colleagues.

Over the years, CEE has not just been a supplier to TI Fluid Systems but also a valuable partner. The company’s reputation for technical competence, particularly in fluid connectors and plastic injection moulded components, is unparalleled, and we have always shared mutual respect and trust.

TI Fluid Systems will take on CEE’s 6,500m2 manufacturing facility in Budapest, Hungary, together with its dedicated employees, further strengthening our technical and manufacturing capabilities.

The acquisition is subject to customary closing conditions and regulatory approval.

TI Fluid Systems to Acquire Cascade Engineering Europe

Posted on by edzwonkiewicz
  • TI Fluid Systems (TIFS) to acquire Cascade Engineering Europe (CEE), a leader in the design and manufacturing of thermal fluid connectors and other complex plastic injection moulded components for the automotive industry
  • The acquisition will increase TIFS’ thermal connector market share while enhancing its technology in this rapidly growing segment of electrified vehicles
  • TIFS will welcome CEE’s 349 dedicated employees and acquire the 6,500m2 manufacturing facility in Budapest, Hungary

AUBURN HILLS, MICHIGAN, USA (5 September 2023) — TI Fluid Systems (LON:TIFS), a leading global supplier of automotive fluid systems technology, has agreed to acquire Cascade Engineering Europe, a Hungarian-based leader in the design and manufacturing of thermal fluid connectors and other complex plastic injection moulded components for the automotive industry. The business has a strong reputation for its technical expertise and product quality, with in-house capabilities from design and development to tooling, prototyping and serial manufacturing.

TIFS will acquire CEE for a cash consideration of $27.7 million (c. €25.4 million) or about 6x estimated 2023 EBITDA excluding synergies. CEE is expected to generate revenue of c.€35 million in the year ending 31 December 2023 and the acquisition will be immediately accretive to the group’s underlying earnings. The acquisition is subject to customary closing conditions and regulatory approval.

Hans Dieltjens, President and CEO of TI Fluid Systems, said, “Adding CEE’s operations and expertise to our portfolio is an important strategic step for TIFS.  This acquisition grows our market share in thermal fluid connectors for electric vehicles and aligns with our overarching electrification strategy.  I would particularly like to extend a warm welcome to the dedicated staff at CEE who will join the Company as it follows its growth strategy.”

To find out more about TI Fluid Systems, visit www.tifluidsystems.com.

 

About TI Fluid Systems

TI Fluid Systems is a global innovator of thermal and fluid system solutions for the full range of current and developing vehicle architectures. Serving all major automotive manufacturers, with more than 100 years of automotive supply experience; TI Fluid Systems operates across 28 countries with a commitment to improving efficiency, performance and sustainability worldwide.

 

Disclaimer

This announcement contains certain forward-looking statements with respect to the financial condition, results of operations and business of TI Fluid Systems plc (the “Company”). The words “expected”, “estimated”, “will”, “should” and similar expressions identify forward-looking statements. Others can be identified from the context in which they are made. By their nature, forward-looking statements involve risks and uncertainties, and such forward-looking statements are made only as of the date of this announcement. Accordingly, no assurance can be given that the forward-looking statements will prove to be accurate and you are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty therein. The past performance of the Company cannot be relied on as a guide to future performance. Nothing in this announcement should be construed as a profit forecast.