Author: edzwonkiewicz

Response to possible offer announcement by ABC Technologies Inc.

Posted on by edzwonkiewicz

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY (IN WHOLE OR IN PART) IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION 

THIS IS AN ANNOUNCEMENT OF A POSSIBLE OFFER UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE “CODE”). THIS ANNOUNCEMENT IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE AND THERE CAN BE NO CERTAINTY THAT AN OFFER WILL BE MADE NOR AS TO THE TERMS OF ANY OFFER IF MADE 

FOR IMMEDIATE RELEASE 

 

14 September 2024 

TI Fluid Systems plc
(“TI Fluid Systems” or the “Company”) 

Response to possible offer announcement by
ABC Technologies Inc. (“ABC Technologies”) 

The Board of TI Fluid Systems notes the recent announcement by ABC Technologies Inc., a company majority-owned by investment funds managed by Apollo Management IX, L.P., regarding a possible offer for the Company. 

The Board confirms that on 4 September 2024, it received a second unsolicited, highly preliminary and non-binding all-cash proposal from ABC Technologies to acquire TI Fluid Systems at a price of 176 pence per TI Fluid Systems share (the “Proposal”). This followed a previous proposal at 165 pence per TI Fluid Systems share. 

The terms of the second proposal represent a premium of 20.7% to the closing share price of 145.8 pence on 13 September, prior to press speculation about a potential offer for the Company. 

The Board of TI Fluid Systems considered the Proposal in detail with its advisers and unanimously concluded that it significantly undervalued TI Fluid Systems and its prospects, and accordingly the Proposal was rejected early last week. 

The Board is confident in the strategy and prospects of the Company. 

The Board strongly urges shareholders to take no action at this time. A further announcement will be made if and when appropriate. 

In accordance with Rule 2.6(a) of the Code, ABC Technologies is required, by not later than 5.00 p.m. (London time) on 12 October 2024, either to announce a firm intention to make an offer for TI Fluid Systems in accordance with Rule 2.7 of the Code, or to announce that it does not intend to make an offer for TI Fluid Systems, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can only be extended with the consent of the Panel on Takeovers and Mergers in accordance with Rule 2.6(c) of the Code. 

This statement is being made by TI Fluid Systems without the consent of ABC Technologies. 

 

Enquiries: 

TI Fluid Systems plc 
Kellie McAvoy kmcavoy@tifs.com 
+44 (0) 7354 846 374
 
Headland Consultancy 
Matthew Denham
Chloe Francklin		 +44 (0)7551 825 496
+44 (0)7834 974 624
 
Goldman Sachs (Joint Financial Adviser and Corporate Broker)  +44 (0) 20 7774 1000
Nimesh Khiroya
Axel Hoefer
Tom Hartley
Ben Duell
 
Peel Hunt LLP (Joint Financial Adviser and Corporate Broker)  +44 (0) 20 7418 8900
Mike Bell
Marc Jones
Pete Mackie
Sam Cann

 

Important information

Goldman Sachs International (“Goldman Sachs”), which is authorised by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority, is acting exclusively for TI Fluid Systems and no one else in connection with the Proposal or any other matter referred to in this announcement and will not be responsible to anyone other than TI Fluid Systems for providing the protections offered to clients of Goldman Sachs or for providing advice in relation to the contents of this announcement or any matters referred to herein.

Peel Hunt LLP (“Peel Hunt”), which is authorised and regulated in the United Kingdom by the FCA, is acting exclusively as joint financial adviser and corporate broker to TI Fluid Systems and for no one else in connection with the matters referred to in this announcement and will not be responsible to any person other than TI Fluid Systems for providing the protections afforded to clients of Peel Hunt, nor for providing advice in relation to the matters referred to herein. Neither Peel Hunt nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Peel Hunt in connection with the matters referred to in this announcement, or otherwise.

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise.

The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about and observe such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.

Disclosure requirements of the Code

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4). Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel’s website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel’s Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

Rule 26.1 disclosure

In accordance with Rule 26.1 of the Code, a copy of this announcement will be available (subject to certain restrictions relating to persons resident in restricted jurisdictions) at www.TIFluidSystems.com by no later than 12 noon (London time) on the business day following the date of this announcement. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

Rule 2.9 information

In accordance with Rule 2.9 of the Code, the Company confirms that as at the close of business on 13 September 2024 its issued share capital consisted of 498,204,654 ordinary shares of £0.01 each.

The Ordinary Shares are voting shares (each such Ordinary Share carries one vote per Ordinary Share) and are admitted to trading on the main market of the London Stock Exchange under the International Securities Identification Number GB00BYQB9V88.

 

 

 

 

 

 

 

Product training takes our team to the next level

Posted on by edzwonkiewicz

Earlier this year, our Product Management team delivered a series of comprehensive training sessions for the wider TIFS team. Delivered between May and July, the sessions were designed to ensure that TIFS employees have a thorough and professional understanding of our products. To ensure that the sessions took the varying levels of technical understanding of our staff into account, the sessions were tailored for different people. Level 0 sessions were designed for those with a very basic understanding, Level 1 was suited for those in sales roles, and Level 2 sessions were designed for the experts in our engineering department.

Each level focused on different products and target groups. Level 0 sessions provided a basic understanding of both our traditional and new product portfolio, while Level 1 went slightly deeper, examining our new Coolant and Refrigerant products. Both levels were suitable for members of our sales, engineering, purchasing, quality, and operations teams.

Level 2 was more advanced, taking a deep dive into the technical specifications and troubleshooting processes of our Coolant and Refrigerant products and modules. The sessions were held at our state-of-the-art e-Mobility Innovation Center (eMIC) in Rastatt, Germany, and TIFS employees from South Korea, Japan, India, the United States, France, and China were present for a series of hands-on activities and in-depth discussions about the product lines. These discussions included extensive technical reviews between the delegates and trainers.

Having gained practical knowledge and skills from the immersive sessions, the delegates are now equipped to deliver effective training to colleagues in their local teams. We would like to express our thanks to our team of product experts for sharing their insights and delivering the sessions.

Diversity & Inclusion committee’s Allyship success

Posted on by edzwonkiewicz

Our global Diversity & Inclusion (D&I) committee is dedicated to championing inclusivity across the business. Tasked with creating a safe and engaging working environment for the company’s 27,000 employees, the team have been hard at work to reinforce TIFS’s mindsets of embracing change, winning as a team, and being a continuous learner.

In recent months, the committee’s focus has been on educating the business’ global workforce on Allyship. Defined as the willingness to take action in support of another person or community, Allyship is a crucial part of our goal to enable true diversity, equity, and inclusion.

To help ensure that Allyship is understood and adopted across the business, the D&I committee worked in tandem with TIFS’s Women’s Empowerment Network to hold an Ally Workshop. 20 male members of the TIFS team were selected to participate in the event, with all 20 holding critical, influential roles within the company. The purpose of the workshop was to help participants understand what it means to be an Ally and what is expected of Allies.

The workshop was a huge success and the feedback on the event was overwhelmingly positive. In particular, the business’ UK-based Director of Corporate Reporting, Simon Howell, was so inspired by his experience that he was eager to discuss his thoughts on what he learnt. Check out Simon’s thoughts below.

 

Q: Why do you think D&I and/or Allyship are important at TIFS?

Simon Howell (SH): Understanding diversity and Allyship in particular is really important to be able to address it. For many, this is often a blind spot, but from our perspective, having a genuine interest and understanding is fundamental to the success we have as individuals and teams. Working in global teams means it is really important to understand and be empathetic to colleagues.

 

Q: How has this training influenced your perspective on your role as a man and/or senior manager in promoting diversity, equity, and inclusion?

SH: Everybody has a role to play – but as a leader, I now have clarity that it is about taking action if I see poor behaviour and correcting myself immediately if I say or do something wrong.

 

Q: Were there any previous misconceptions you had about Allyship that were clarified during the training?

SH: The biggest learning for me in the training – and I heard a few others say this – was around the discussion of “privilege”. This is often included in conversations as a negative and sometimes as an insult. It is more about recognizing what you do have experiences of, and those that you have not had experience of, but others have. The reality of privilege is that it is important to understand perspectives and that individuals may not have certain experiences. So as a leader, I know it is my role to create an environment for others that can help them succeed.

 

Q: What immediate action steps do you plan to implement in your team or department to foster a more inclusive environment as an Ally?

SH: I will listen and seek out diverse ideas and experiences, and ensure that all voices are heard.

 

Q: How do you believe your actions as an Ally can contribute to the overall success of TIFS?

SH: Different perspectives, ideas, and discussion lead to better decisions being made. An environment of innovation and improvement comes from allowing people to speak up with their ideas.

 

Q: What barriers or challenges do you anticipate in your journey as an Ally, and how do you plan to overcome them?

SH: The biggest barrier is often myself. To be an effective Ally, I need to be sure to stop and think about how I am going to say something, how to include or bring people into the conversation in the right way, and how to ask for open feedback. I have previously spent a lot of time in my career understanding and trying to stop microinequities. A practice that I’ve adopted if I say something incorrect is to say out loud “that was wrong, that was a microinequity” and then correct myself immediately. I need to ensure I do this more, and correct others’ microinequities.

 

Q: What advice would you give to other men in management roles about the importance of participating in Allyship training?

SH: This training is one of the best workshops I have been on in recent years. The investment in time is small compared to the positive outcome it can have, not only on colleagues, but in making good business decisions. I am glad I invested the time as I know I will be more successful and a better leader if I keep working on the behaviours that I learned and keep making them a daily habit.

 

 

RE+

Posted on by edzwonkiewicz

Join TI Fluid Systems at the RE+ Clean Energy Event.

RE+ 24 brings the modern energy industry together to foster a cleaner future and marks its 20th year as the largest and most comprehensive event in North America for the clean energy industry. What began as Solar Power International (SPI) has evolved into RE+, uniting an extensive alliance of renewable energy leaders for multiple days of programming and networking opportunities. Today, RE+ incorporates business opportunities and education content across the clean energy industry including solar, energy storage, hydrogen, microgrids, EV charging and infrastructure, and wind energy.

————

When

September 9-12, 2024, All day

Where

The Anaheim Convention Center
800 W Katella Ave Anaheim, CA

Click here to register for the event!

 

 

 

 

Celebrating excellence: TI Fluid Systems’ global awards and achievements

Posted on by edzwonkiewicz

At TI Fluid Systems, we pride ourselves on our commitment to quality, innovation, and excellence. This commitment is reflected in the numerous recent awards our plants across the globe have received in recognition of their outstanding performance.

These awards not only highlight the individual achievements of our dedicated teams but also underscore TI Fluid Systems’ reputation as a leading global supplier. Here, we celebrate the remarkable accomplishments of our plants and teams in 2023 and 2024.

 

Changchun Plant: Excellence in zero defects and value addition

Awards: Zero Defect Recognition Award for 2023, Value Excellence for VAVE
Plant supplies: Fuel Tank
Notable programs: Toyota 330B, BMW G08

The Changchun plant’s exceptional performance has earned the Zero Defect Recognition Award for 2023 from Toyota, received on 24 January 2024, and the Value Excellence for VAVE award on 24 March 2024.

These accolades celebrate the plant’s performance in maintaining zero defects and its innovative value engineering and continuous improvement efforts for the Toyota 330B and BMW G08 programs.

 

Guangzhou plant: Leading the way in supplier quality

Award: Supplier Quality Award 2023
Plant supplies: Fuel Tank
Notable programs: Toyota 530B, Honda T50/T54, Nissan X02A

Our Guangzhou plant has been recognized with the Supplier Quality Award for 2023 by Guangzhou Toyota. This award received on 24 June 2024, highlights the team’s dedication to producing high-quality fuel tanks for key programs – including the Toyota 530B, Honda T50/T54, and Nissan X02A – and its unwavering commitment to excellence in supplier quality.

 

Hillsdale Plant: Sustaining excellence year after year

Award: 2023 GM Supplier Quality Excellence Award
Plant supplies: Push rods to GM engine plants
Notable programs: DMAX engine for various vehicle platforms

For the seventh consecutive year, the Hillsdale plant has been awarded the GM Supplier Quality Excellence Award. This recognition, received by Plant Manager Kevin Simmers, highlights the plant’s consistent efforts in supplying push rods for DMAX engines across various vehicle platforms.

 

San Jose Campos Plant: Hyundai’s Supplier of the Year

Award: 2023 Supplier of the Year
Plant supplies: Brake and Fuel Products

The San Jose Campos plant has been named Hyundai’s 2023 Supplier of the Year, a prestigious award presented during the Supplier Day in April 2024. This award recognizes the plant’s excellence in supplying brake and fuel products, setting a benchmark for quality and reliability in the industry.

 

Fuldabrück Plant: Sustaining quality for consecutive years

Award: Supplier Quality Award – 2023
Plant supplies: Air Brake tubes for Trucks
Notable programs: General supplier for all DAF programs for the air brake product application

The Fuldabrück plant has achieved the Supplier Quality Award for 2023, marking the second consecutive year of this accomplishment. This award underscores the plant’s excellence in supplying air brake tubes for all DAF programs.

 

Chonburi Plant: Setting the standard for quality

Award: Excellence Quality with Zero Defect
Plant supplies: Fuel Tank & Delivery System
Notable programs: MMC 5F00, Nissan L02D

Recognized for its outstanding performance in quality, the TIFS Chonburi plant has received the Excellence Quality with Zero Defect award. Supplying fuel tanks and delivery systems for the MMC 5F00 and Nissan L02D programs, the Chonburi team exemplifies our commitment to delivering products with zero defects.

 

Reynosa 2 Plant: Achieving back-to-back recognition

Award: 2023 GM Supplier Quality Excellence Award
Plant supplies: Thermal lines and hose assemblies
Notable programs: GM 610 (Express Van) at Wentzville

For the second year in a row, the Reynosa 2 plant has been awarded the GM Supplier Quality Excellence Award. Accepted by Plant Manager Alvaro Escalon, this award highlights the plant’s commitment to quality in supplying thermal lines and hose assemblies for the GM 610 program.

 

Hanil Tube Ulsan Plant: recognized by GM for quality excellence

Award: 2023 GM Supplier Quality Excellence Award

The Hanil Tube Ulsan plant has been awarded the 2023 GM Supplier Quality Excellence Award, celebrating the plant’s outstanding quality performance, and the strong support received from GM’s global supplier quality team throughout 2023.

 

Bielsko Biala Plant: Celebrated for quality excellence

Award: 2023 GM Supplier Quality Excellence Award
Plant supplies: HP Diesel Lines
Notable programs: GM 3.0

Our Bielsko Biala plant in Poland has been awarded the 2023 GM Supplier Quality Excellence Award. This accolade, accepted by Tomasz Szczepankiewicz, highlights the plant’s superior quality in supplying HP diesel lines for the GM 3.0 program.

 

These awards are a reflection of the hard work, dedication, and innovation of our teams at TI Fluid Systems. Congratulations to all our teams for their remarkable accomplishments.

Celebrating Pride Month at TI Fluid Systems

Posted on by edzwonkiewicz

In celebration of Pride Month this June, our U.S. Diversity & Inclusion (D&I) Committee organized a special event. We had the pleasure of welcoming Kevin Heard, President of the Detroit Regional LGBT Chamber of Commerce, for an interactive discussion on understanding intersectionality and its importance.

Kevin led us through a thought-provoking conversation about what intersectionality means and how it impacts every individual we interact with. Intersectionality examines how various social identities—such as race, gender, sexuality, and class—intersect to create unique experiences of discrimination or privilege. This makes it a crucial concept in building an inclusive workplace.

This event, organized by our dedicated U.S. D&I Committee, underscored our commitment to fostering a supportive and inclusive environment for all employees, including those in the LGBTQ+ community. By exploring intersectionality, we aim to deepen our understanding of diversity and strengthen our efforts to create a culture of equality and respect.

Kevin’s expertise and passion for promoting LGBTQ+ rights and inclusion provided us with valuable insights and practical strategies to enhance our workplace culture. His discussion encouraged us to reflect on our own experiences and consider how we can contribute to a more inclusive environment for everyone.

The event was also hosted on Juneteenth, a significant day in American history. Juneteenth commemorates the emancipation of enslaved African Americans and is a reminder of the ongoing struggle for racial equality. Observing Juneteenth alongside our Pride Month celebration highlights the importance of recognizing and addressing the diverse experiences and challenges faced by our colleagues and communities.

Thank you to the U.S. D&I Committee for organizing this important event, and to Kevin Heard for sharing his valuable insights with us. Together, we can make a difference and continue to build a workplace where diversity is not just acknowledged but celebrated.

SAE Thermal Management Systems Symposium

Posted on by edzwonkiewicz

Join TI Fluid Systems at the SAE Thermal Management Systems Symposium.

Electric vehicles bring a host of new challenges to the industry: how to keep things cool around a hot battery; how to conserve energy and reduce engine emissions; how to improve the cabin environment; and how to meet global standards and regulations. This year’s Thermal Management Systems Symposium (TMSS) will bring the industry together to tackle these important questions and much more.

In two productive days, you’ll get up to speed on regulations, technology and industry trends, and interact with engineers who do what you do. This is where important conversations happen. Don’t miss this vital opportunity to interact with and network the best of the best in the field of ground vehicle thermal systems technology and thermal systems management.

————

When

October 2-3, 2024, All day

Where

Saint John’s Resort
44045 Five Mile Road
Plymouth, MI 48170

Click here to register for the event!

 

 

 

 

ITB Group Advanced Mobility Fuels Summit China 2024

Posted on by edzwonkiewicz

Join TI Fluid Systems at the ITB Group’s Advanced Mobility Fuels Summit China 2024.

The transition to electrification, particularly powered by green electricity, stands as a crucial step in mitigating temperature increases and combatting climate change. However, the substantial existing global vehicle fleet poses a significant challenge. To address this, synthetic fuels and hydrogen-based systems emerge as promising solutions that can substantially contribute to minimizing the environmental impact of mobility. The upcoming ITB conference serves as an invaluable platform for participants to navigate this dynamic landscape, delving into the latest trends and technologies in fuel-based powertrains, storage, and delivery systems.

————

When

Wednesday, October 30, 2024, All day

Where

Renaissance Shanghai Putuo Hotel. NO 50 Tongchuan Road, Putuo District, Shanghai, China

Click here to register for the event!

 

 

 

 

TI Fluid Systems debuts at Auto China 2024

Posted on by edzwonkiewicz

TI Fluid Systems recently attended the Beijing International Automotive Exhibition, commonly known as Auto China, for the first time. Recognized as one of the world’s leading automotive events, Auto China brings together renowned auto and component manufacturers to showcase the latest in technological innovation. This made it the ideal platform to display our cutting-edge thermal management solutions and engage with industry leaders.

Showcasing innovative thermal management

Visitors had the opportunity to explore how TI Fluid Systems is developing efficient and compact thermal management solutions to support the industry’s transition to electrification. We had a range of products on show, including lines, connectors and our innovative TPRL product, in addition to our modular thermal management systems for Battery Electric Vehicles (BEVs), such as our ITMA and ITMR product lines.

Our team had the opportunity to talk to OEMs and business leaders about our latest range of pioneering modular systems and how we’re setting new standards for the efficient and sustainable thermal management of EVs, helping our customers achieve optimal performance.

Commitment to local market needs

Our participation in Auto China not only allowed us to showcase our products and technology, but it also offered an opportunity to deepen our presence and commitment to the Chinese market.

TI Fluid Systems has a rich history and a strong business presence in China, spanning nearly 40 years. We lead the market in several of our product lines and are committed to continuing this leadership position. Our global strategy is heavily focused on enhancing our operations in China, especially through collaboration with local OEMs who are instrumental in defining the next generation of electric vehicles worldwide.

The connections and insights gained from exhibitions like Auto China are invaluable in driving the future of automotive technology and maintaining our competitive edge in the industry. Congratulations to the TI Fluid Systems teams who made the event such a success, and thank you to our customers old and new for visiting our booth.

 

 

 

TI Fluid Systems’ Regional Business Structure Completed as Julien Plenchette Joins the Company as President for the Americas

Posted on by edzwonkiewicz
  • Julien Plenchette has joined TI Fluid Systems (TIFS) as President – Americas, effective 08 April 2024

 

AUBURN HILLS, MICHIGAN, USA (08 April 2024) — TI Fluid Systems (TIFS), a leading global supplier of automotive fluid systems technology, has strengthened its executive leadership team with the appointment of Julien Plenchette as President – Americas.

Plenchette is a seasoned automotive executive with over 20 years’ experience in the industry, including senior positions with other leading tier-one automotive suppliers such as ZF/Wabco, LS Automotive and Valeo. He was latterly Managing Director and Vice President of Aptiv’s Active Safety and User Experience Business Unit in North America.

Completing TIFS’ regional leadership team, Plenchette joins President for Asia Pacific, Henri Tsang, and President for Europe, Middle East, and Africa, Steve Vercauteren. The Group’s regional structure has been in place since 1 January 2024, improving alignment with customers, increasing flexibility to shift resources between product lines and creating synergy opportunities. Moreover, it enhances regional leaders’ agility to respond to changes in their markets, particularly the transition to electrification which is occurring at different speeds in regions.

This appointment also allows Stefan Rau to focus on his role as Chief Operating Officer, leading the Group’s operational efficiency and productivity programmes to drive progress towards TIFS’ mid-term targets and ensure long-term cost competitiveness.

Hans Dieltjens, CEO and President of TI Fluid Systems said, “We have built a strong, well-balanced leadership team with a broad range of skills and experience. I am delighted to welcome Julien as President of the Americas and look forward to working with him to build on our positive momentum.

I would also like to thank Stefan for taking on the role of President for the Americas over the last few months in addition to his COO role. Productivity and efficiency have always been in TIFS’ DNA and we are well on track with implementing planned initiatives.

Our prospects are exciting, our Taking-the-Turn strategy is delivering, and our propulsion agnostic portfolio means we are ideally positioned for the industry transition. These organizational changes will support the continued execution of our strategy as we strengthen our position as an industry leader.”

 

About TI Fluid Systems

TI Fluid Systems is a global innovator of thermal and fluid systems 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 26 countries with a commitment to improving efficiency, performance and sustainability worldwide.