A leading manufacturing firm in Oxford is set for a billion-pound takeover by Canadian company ABC Technologies.
The board of TI Fluid Systems, a global player in thermal and fluid systems for both combustion engine and electric vehicles, has accepted an offer of 200 pence per share.
This represents a premium of 53.4% to the closing share price of 130.4p on 21st August, when the formal offer was submitted.
The all-cash deal, which is expected to close in the first half of 2025 – subject to approval by TI Fluid Systems shareholders and regulatory clearances – values the firm at £1.04 billion.
Founded in 1922, TI Fluid Systems has five global technical centers and seven regional support centres driving its research and development efforts. enabling us to find solutions to the industry’s most complex challenges. Its technologies are also used in battery energy storage as well as other industries.
It has 25,600 employees at 98 manufacturing locations in 28 countries.
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“The combination will result in a larger, more diversified business with a broader range of products and customers, better positioned to navigate the current challenges facing the automotive industry and deliver sustainable long-term growth,” said Tim Cobbold, chair of TI Fluid Systems.
Founded in 1974, ABC manufactures plastic components for vehicles.
Terry Campbell, president and CEO of ABC Technologies, commented: “This transaction is a transformative strategic opportunity that will unlock value for all of our stakeholders and provide a platform for further growth.
“A combined business will enable us to better serve our customers, and we are excited about the prospects for the future as we continue to build on our success story.”
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