US: TI Automotive sells industrial businesses
Tier 1 supplier TI Automotive has sold its industrial group businesses to an affiliate of Sun Capital Partners, a private investment firm focused on leveraged buyouts and other investments.
The TI Automotive Industrial Group includes Bundy Refrigeration, Walbro Engine Management and Vari-form. It accounts for 15% of TI Automotive's sales and employs 5,000.
The sale is expected to close late this month and financial terms were 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," said TI CEO William Laule.
"Over recent months, the board has focused significant effort on determining the strategic direction for the company. This transaction will allow TI Automotive to strengthen its core automotive businesses."
Products made by one of the industrial group units, Vari-form, include automotive engine cradles, radiator closures, instrument panel beams and roof rails.