Tata AutoComp to acquire AIC Sweden to enhance global footprint
The Hindu
Tata AutoComp Systems acquires IAC Sweden, a $800 million interior systems manufacturer, to expand global presence and innovation in automotive industry.
Tata AutoComp Systems Ltd., an Indian automotive components manufacturer, has entered into an agreement for the acquisition of International Automotive Components Group Sweden AB (IAC Sweden).
The Tata Group company has not disclosed the deal amount.
IAC Sweden has turnover of about $800 million and is into manufacturing of interior systems and components to the automotive industry.
This acquisition is subject to European regulatory approvals.
Arvind Goel, Vice Chairman, Tata AutoComp Systems said, “This acquisition aligns with our long-term vision of expanding in global markets and strengthening our relationships with European OEMs.”
“IAC Sweden has a strong legacy of delivering high-quality interior solutions, and we look forward to working together to drive innovation and excellence in the automotive industry,” he added.
Manoj Kolhatkar, MD & CEO, Tata AutoComp Systems said “This acquisition is a pivotal step in Tata AutoComp’s journey to enhance our global presence and technology portfolio.”
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