TI Fluid Systems plc is a British-American 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.
 | |
| Type | Private |
|---|---|
| LSE: TIFS | |
| Industry | Automotive Engineering |
| Founded | 2000 |
| Headquarters | Auburn Hills,Michigan[1], |
Key people | Manfred Wennemer (Chairman) Hans Dieltjens, (CEO and President) |
| Products | Automotive fluid systems |
| Revenue |  €3,360.3 million (2024)[2] |
| €173.0 million (2024)[2] | |
| €32.5 million (2024)[2] | |
Number of employees | 25,600 (2023)[3] |
| Parent | Apollo Global Management |
| Website | www |
Headquartered in Auburn Hills, Michigan, United States,[1][4] it was listed on the London Stock Exchange until it was acquired by Toronto-based ABC Technologies, a company controlled by Apollo Global Management, in April 2025.[5]
History
editThe company traces its history back to the Bundy Corporation, which was founded in 1922 and supplied petroleum fuel lines to the Ford Model T.[6] It was acquired by TI Group plc in 1988.[7] 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.[8]
In 2007, the company was acquired by a consortium of private equity investors.[9] The company was forced to go through a debt-to-equity swap in 2009 following the global economic downturn.[6]
William "Bill" L. Kozyra was named chairman, chief executive officer and president of TI Automotive in May 2008.[10]
In January 2015, the company was acquired by Bain Capital for $2.4 billion.[11][12]
In October 2017, the company floated on the London Stock Exchange under its new name of TI Fluid Systems.[13] The company floated 25 percent of its shares.[14]
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.[15]
In December 2024, the directors agreed a takeover offer from ABC Technologies of Canada, a company controlled by Apollo Global Management.[16] The £1.83bn deal includes plans to cut up to 2,700 jobs worldwide, around 10% of TI Fluid Systems’ workforce, with staff at its Oxford headquarters being reduced by a third.[5] The court approved the transaction on 8 April 2025, so allowing it to be completed.[17]
Structure
editReferences
edit- 1 2 "ABC Technologies Completes Acquisition of TI Fluid Systems; Combined Business Will Rebrand as TI Automotive". April 15, 2025.
- 1 2 3 "Preliminary Results 2024" (PDF). TI Fluid Systems. Retrieved 14 March 2025.
- ↑ "Overview". TI Fluid Systems. Archived from the original on 2 November 2021. Retrieved 18 February 2023.
- ↑ "Contact Us | TI Fluid Systems". TIFS. Retrieved 2025-02-25.
- 1 2 Sweney, Mark (2024-11-29). "UK car parts firm TI Fluid Systems bought by Canadian rival in latest overseas takeover". The Guardian. ISSN 0261-3077. Retrieved 2025-02-25.
- 1 2 Thomas, Nathalie (29 September 2016). "TI Fluid Systems looks to raise €600m through London IPO". Financial Times.
- ↑ Lorenz, Andrew (1 April 1996). "UK: Why TI Group went west". Management Today. Retrieved 14 February 2018.
- ↑ "Smiths Industries Agrees to Acquire TI Group in $2.48 Billion Transaction". Wall Street Journal. 19 September 200. Retrieved 16 March 2023.
- ↑ Kim, Soyoung (26 February 2014). "Exclusive: Cooper-Standard weighs merger with TI Automotive - sources". Reuters.
- ↑ Chapel, Lindsay (27 September 2010). "Torn Apart & Rebuilt". Automotive News.
- ↑ "TI Automotive to be acquired by Bain for $2.4 billion, report says". Automotive News. 27 January 2016. Retrieved 29 December 2016.
- ↑ "TI Fluid Systems revives London listing plans". Reuters. 9 October 2017.
- ↑ Riordan, Darragh (10 October 2017). "Bain Capital takes second shot at TI Fluid Systems IPO". Real Deals. Retrieved 30 November 2017.
- ↑ LaForest, Audrey (25 October 2017). "TI Fluid Systems takes second shot at London IPO - Plastics News". Plastics News.
- ↑ Leggett, David (2023-09-11). "Signal: TI Fluid Systems to acquire Cascade Engineering Europe". Just Auto. Retrieved 2023-09-11.
- ↑ www.cityam.com, Maria Ward-Brennan (29 November 2024). "TI Fluid Systems agrees to be bought by of Apollo-backed ABC Technologies". Business Live.
- ↑ "Court approves takeover of TI Fluid by ABC Technologies". Morning Star. 8 April 2025. Retrieved 10 April 2025.
- ↑ "Fluid Carrying Systems | TI Fluid Systems". www.tifluidsystems.com. Retrieved 2021-04-26.